0001214659-19-000963.txt : 20190211 0001214659-19-000963.hdr.sgml : 20190211 20190211153531 ACCESSION NUMBER: 0001214659-19-000963 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 60 CONFORMED PERIOD OF REPORT: 20181231 FILED AS OF DATE: 20190211 DATE AS OF CHANGE: 20190211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IONIX TECHNOLOGY, INC. CENTRAL INDEX KEY: 0001528308 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 450713638 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54485 FILM NUMBER: 19585137 BUSINESS ADDRESS: STREET 1: 4F, TEA TREE B BLDG, GUWU SANWEI IND PRK STREET 2: XIXIANG STREET, BAOAN DISTRICT, CITY: SHENZHEN, GUANGDONG PROVINCE, STATE: F4 ZIP: 518000 BUSINESS PHONE: 86-159 4540 0218 MAIL ADDRESS: STREET 1: 4F, TEA TREE B BLDG, GUWU SANWEI IND PRK STREET 2: XIXIANG STREET, BAOAN DISTRICT, CITY: SHENZHEN, GUANGDONG PROVINCE, STATE: F4 ZIP: 518000 FORMER COMPANY: FORMER CONFORMED NAME: CAMBRIDGE PROJECTS INC. DATE OF NAME CHANGE: 20110819 10-Q 1 d2819010q.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  

Form 10-Q

  

☒   Quarterly Report PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2018

 

or

 

☐   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition Period from                to               .

 

Commission File Number 000-54485

 

IONIX TECHNOLOGY, INC.

(Exact name of registrant as specified in its charter)

 

Nevada   45-0713638
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)

 

4F, Tea Tree B Building, Guwu Sanwei Industrial Park, Xixiang Street, Baoan District, Shenzhen, Guangdong Province, China 518000

(Address of principal executive offices) (Zip Code)

 

+86-138 8954 0873

(Registrant’s telephone number, including area code)

 

___________________________

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o.

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes o No o 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one)

 

  Large accelerated filer  o Accelerated filer  o
  Non-accelerated filer  o Smaller reporting company  x
  Emerging growth company  o  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o No x.

 

As of February 11, 2019, there were 114,003,000 shares of common stock issued and outstanding, par value $0.0001 per share.

 

As of February 11, 2019, there were 5,000,000 shares of preferred stock issued and outstanding, par value $0.0001 per share.

 

 

 

   
 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Certain information included in this Quarterly Report on Form 10-Q and other filings of the Registrant under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as information communicated orally or in writing between the dates of such filings, contains or may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements in this Quarterly Report on Form 10-Q, including without limitation, statements related to our plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from expected results. Among these risks, trends and uncertainties are the availability of working capital to fund our operations, the competitive market in which we operate, the efficient and uninterrupted operation of our computer and communications systems, our ability to generate a profit and execute our business plan, the retention of key personnel, our ability to protect and defend our intellectual property, the effects of governmental regulation, and other risks identified in the Registrant’s filings with the Securities and Exchange Commission from time to time.

 

In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of such terms or other comparable terminology. Although the Registrant believes that the expectations reflected in the forward-looking statements contained herein are reasonable, the Registrant cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither the Registrant, nor any other person, assumes responsibility for the accuracy and completeness of such statements. The Registrant is under no duty to update any of the forward-looking statements contained herein after the date of this Quarterly Report on Form 10-Q.

 

   
 

 

IONIX TECHNOLOGY, INC.

FORM 10-Q

DECEMBER 31, 2018

 

 

INDEX

 

    Page
Part I – Financial Information F-1
     
Item 1. Financial Statements (Unaudited) F-1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation 16
Item 3. Quantitative and Qualitative Disclosures about Market Risk 18
Item 4. Controls and Procedures 18
     
Part II – Other Information 19
     
Item 1. Legal Proceedings 19
Item 1A. Risk Factors 20
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20
Item 3. Defaults Upon Senior Securities 20
Item 4. Mine Safety Disclosures 20
Item 5. Other Information 20
Item 6. Exhibits 21
     
Signatures 22
     
Certifications  

 

   
 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

 

INDEX F-1
Consolidated Balance Sheets as of December 31, 2018 and June 30, 2018 (Unaudited) F-2
Consolidated Statements of Comprehensive Income (Loss) for the Three  and Six Months Ended December 31, 2018 and
2017 (Unaudited)		 F-3
Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2018 and 2017 (Unaudited) F-4
Notes to Consolidated Financial Statements (Unaudited) F-5

 

 F-1 
 

 

IONIX TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 
   December 31, 2018   June 30, 2018 
ASSETS          
Current Assets:          
Cash  $824,874   $111,462 
Notes receivable   96,581    - 
Accounts receivable - non-related parties   3,220,848    636,413 
- related parties   160,647    119,543 
Inventory, net   3,415,851    226,839 
Advances to suppliers - non-related parties   168,519    3,164 
- related parties   -    206,194 
Prepaid expenses and other current assets   78,047    20,592 
Total Current Assets   7,965,367    1,324,207 
           
Property, plant and equipment   6,633,132    - 
Intangible assets   4,516,173    - 
Deferred tax assets   58,071    - 
Total Assets  $19,172,743   $1,324,207 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current Liabilities:          
Short-term bank loan  $2,622,683   $- 
Accounts payable - non-related parties   3,715,537    264,171 
- related parties   55,829    248,543 
Advance from customers   63,468    59,546 
Due to related parties   6,771,273    212,557 
Accrued expenses and other current liabilities   298,952    125,733 
Total Current Liabilities   13,527,742    910,550 
           
Deferred tax liability   -    15,242 
Total Liabilities   13,527,742    925,792 
           
COMMITMENT AND CONTINGENCIES          
           
Stockholders’ Equity:          
Preferred stock, $.0001 par value, 5,000,000 shares authorized,  
5,000,000 shares issued and outstanding		   500    500 
Common stock, $.0001 par value, 195,000,000 shares authorized,
114,003,000 and 99,003,000 shares issued and outstanding as of
December 31, 2018 and June 30, 2018, respectively		   11,400    9,900 
Additional paid in capital   5,235,746    237,246 
Retained earnings   326,826    142,819 
Accumulated other comprehensive income (loss)   (20,011)   7,950 
Total Stockholders' Equity attributable to the Company   5,554,461    398,415 
Noncontrolling interest   90,540    - 
Total Stockholders’ Equity   5,645,001    398,415 
Total Liabilities and Stockholders’ Equity  $19,172,743   $1,324,207 

 

 The accompanying notes are an integral part of these consolidated financial statements.

 

 F-2 
 

 

IONIX TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

   For the Three Months Ended   For the Six Months Ended 
   December 31,   December 31, 
   2018   2017   2018   2017 
                 
Revenues - Non-related parties  $2,229,489   $750,944   $4,704,539   $1,132,485 
Revenues - Related parties   22,059    -    115,897    - 
Total Revenues   2,251,548    750,944    4,820,436    1,132,485 
                     
  Cost of revenues - Non-related parties   541,912    64,971    1,041,824    113,903 
- Related parties   1,414,348    607,020    3,194,159    878,671 
  Total Cost of Revenues   1,956,260    671,991    4,235,983    992,574 
                     
  Gross profit   295,288    78,953    584,453    139,911 
                     
Operating expenses                    
  Selling, general and administrative expense   232,917    61,475    295,906    131,028 
Total operating expenses   232,917    61,475    295,906    131,028 
                     
Income from operations   62,371    17,478    288,547    8,883 
                     
Other income   16,285    -    17,688    - 
                     
Income before income tax provision   78,656    17,478    306,235    8,883 
                     
Income tax provision   71,802    7,764    122,228    9,373 
                     
Net income (loss)   6,854    9,714    184,007    (490)
                     
Other comprehensive income (loss)                    
  Foreign currency translation adjustment   (20,039)   4,931    (27,961)   8,619 
                     
Comprehensive income (loss)  $(13,185)  $14,645   $156,046   $8,129 
                     
                     
Income (Loss) Per Share - Basic and Diluted  $0.00   $0.00   $0.00   $(0.00)
Weighted average number of common shares
outstanding - Basic and Diluted		   99,655,174    99,003,000    99,329,087    99,003,000 

  

The accompanying notes are an integral part of these consolidated financial statements.

 

 F-3 
 

 

IONIX TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

   For the Six Months Ended 
   December 31, 
   2018   2017 
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income (loss)  $184,007   $(490)
Adjustments required to reconcile net income (loss) to net cash used in
operating activities:		          
  Deferred taxes   (14,884)   - 
Changes in operating assets and liabilities:          
  Accounts receivable - non related parties   144,264    214,351 
  Accounts receivable - related parties   (45,987)   - 
  Inventory   (294,434)   (197,363)
  Advances to suppliers - non-related parties   355    120,004 
  Advances to suppliers - related parties   201,357    (89,483)
  Prepaid expenses   3,925    (11,277)
  Accounts payable - non-related parties   (257,973)   12,272 
  Accounts payable - related parties   (138,955)   (117,978)
  Advance from customers   (17,820)   (39,455)
  Accrued expenses and other current liabilities   27,524    (49,342)
Net cash used in operating activities   (208,621)   (158,761)
           
CASH FLOWS FROM INVESTING ACTIVITIES          
  Other receivables   -    148,947 
  Cash received from acquisition   687,591    - 
Net cash provided by investing activities   687,591    148,947 
           
CASH FLOWS FROM FINANCING ACTIVITIES          
  Notes receivable   (29,518)   - 
  Acquisition of office equipment   (2,163)   - 
  Proceeds from (repayment of) loans from related parties   269,974    (109,413)
Net cash provided by (used in) financing activities   238,293    (109,413)
           
Effect of exchange rate changes on cash   (3,851)   3,727 
           
Net increase (decrease) in cash   713,412    (115,500)
           
Cash, beginning of period   111,462    186,767 
           
Cash, end of period  $824,874   $71,267 
           
Supplemental disclosure of cash flow information:          
  Cash paid for income tax  $141,749   $5,163 
  Cash paid for interests  $-   $- 
           
Non-cash investing activities          
  Issuance of 15,000,000 shares of common stock in exchange for 95.14%
ownership rights of a variable interest entity		  $5,000,000   $- 
           

The accompanying notes are an integral part of these consolidated financial statements.

 

 F-4 
 

 

IONIX TECHNOLOGY, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2018

(UNAUDITED)

 

 

NOTE 1 - NATURE OF OPERATIONS

 

Ionix Technology, Inc. (the “Company” or “Ionix”) is a Nevada corporation that was formed on March 11, 2011. By and through its wholly owned subsidiaries and an entity controlled through VIE agreements in China, the Company sells the high-end intelligent electronic equipment, which includes portable power banks for electronic devices and LCD screens in China.

 

Acquisition

 

On December 27, 2018, Ionix Technology, Inc. (the “Company”) entered into a Share Purchase Agreement (the “Purchase Agreement”) with Jialin Liang and Xuemei Jiang, each of whom are shareholders (the “Shareholders”) of Changchun Fangguan Electronics Technology Co., Ltd. (“Fangguan Electronics”). Pursuant to the terms of the Purchase Agreement, the Shareholders, who together own 95.14% of the ownership rights in Fangguan Electronics, agreed to execute and deliver the Business Operation Agreement dated December 27, 2018, the Equity Interest Pledge Agreement dated December 27, 2018, the Equity Interest Purchase Agreement dated December 27, 2018, the Exclusive Technical Support Service Agreement dated December 27, 2018 (the “Services Agreement”) and the Power of Attorney dated December 27, 2018, all together are referred to the “VIE Transaction Documents”, to the Company in exchange for the issuance of an aggregate of 15,000,000 shares of the Company’s common stock, par value $.0001 per share (the “Common Stock”), thereby causing Fangguan Electronics to become the Company’s variable interest entity. The entirety of the transaction will hereafter be referred to as the “Transaction”. As a result of the Transaction, the Company are able to exert effective control over Fangguan Electronics and receive 100% of the net profits or net losses derived from the business operations of Fangguan Electronics. Fangguan Electronics manufactures and sells LCD screens in China based in Changchun City, Jilin Province, People’s Republic of China. (See Note 4).

 

The Transaction was accounted for as a business combination using the acquisition method of accounting. The assets, liabilities and the operations of Fangguan Electronics subsequent to the Transaction date were included in the Company’s consolidated financial statements.

 

NOTE 2 - GOING CONCERN

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company had a working capital deficiency of $5,562,375 at December 31, 2018 and did not generate cash from operations for the six months ended December 31, 2018 and 2017. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

The Company plans to rely on the proceeds from loans from both unrelated and related parties to provide the resources necessary to fund the development of the business plan and operations. However, no assurance can be given that the Company will be successful in raising additional capital.

 

NOTE 3 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of December 31, 2018 and the results of operations and cash flows for the periods ended December 31, 2018 and 2017. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and six months ended December 31, 2018 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending June 30, 2019 or for any subsequent periods. The balance sheet at June 30, 2018 has been derived from the audited financial statements at that date.

 

 F-5 
 

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended June 30, 2018 as included in our Annual Report on Form 10-K as filed with the SEC on October 11, 2018.

 

Basis of consolidation

 

The consolidated financial statements include the accounts of Ionix, its wholly owned subsidiaries and an entity which the Company controls 95.14% through VIE agreements. All significant inter-company balances and transactions have been eliminated upon consolidation.

 

Use of Estimates

 

The Company’s financial statements have been prepared in accordance with US GAAP and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. The significant areas requiring the use of management estimates include, but are not limited to, the allowance for doubtful accounts receivable, provision for staff benefit, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates and such differences may be material to our consolidated financial statements.

 

Property, plant and equipment

 

Property, plant and equipment are recorded at cost less accumulated depreciation and any impairment. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and location for its intended use. Repairs and maintenance costs are normally expensed as incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of the asset, the expenditure is capitalized as an additional cost of the asset.

 

When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the statement of comprehensive income (loss) in the reporting period of disposition.

 

Depreciation is calculated on a straight-line basis over the estimated useful life of the assets after taking into account their respective estimated residual value. The estimated useful life of the assets is as follows:

 

Buildings 10 – 20  years
Machinery and equipment 5 – 10  years
Office equipment 5 years
Automobiles 5  years

 

Intangible assets

 

Land use right is recorded as cost less accumulated amortization. Land use rights represent the prepayments for the use of the parcels of land in the PRC where the Company’s production facilities are located, and are charged to expense over their respective lease periods of 50 years. According to the laws of the PRC, the government owns all of the land in the PRC. Company or individuals are authorized to use the land only through land use rights granted by the PRC government for a certain period (usually 50 years).

 

 F-6 
 

 

Purchased intangible assets are recognized and measured at fair value upon acquisition. Intangible assets acquired separately and with finite useful lives are carried at costs less accumulated amortization and any accumulated impairment losses. Amortization for intangible assets with finite useful lives is provided on a straight-line basis over their estimated useful lives. Alternatively, intangible assets with indefinite useful lives are carried at cost less any subsequent accumulated impairment losses. The estimated useful lives of the intangible assets are as follows:

 

Land use right 50 years
Computer software   5 years

 

Gains or losses arising from derecognition of the intangible asset are measured at the difference between the net disposal proceeds and the carrying amount of the assets and are recognized in the statement of comprehensive income (loss) when the asset is disposed.

 

Impairment of long-lived assets

 

In accordance with the provisions of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.

 

Revenue recognition

 

The Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers, and all the related amendments (new revenue standard) to all contracts using the modified retrospective method beginning on July 1, 2018. The adoption will not result in an adjustment to the retained earnings as of June 30, 2018. The comparative information will not be restated and will continue to be reported under the accounting standards in effect for those periods. The adoption of the new revenue standard will have no impact on either reported sales to customers or net earnings. The Company will continue to recognize revenue from product sales as goods are shipped or delivered to the customer, as control of goods occurs at the same time.

 

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of comprehensive income (loss).

 

The reporting currency of the Company is the United States Dollar (“US$”). The Company’s subsidiaries in the People’s Republic of China (“PRC”) maintain their books and records in their local currency, the Renminbi Yuan (“RMB”), which is the functional currency as being the primary currency of the economic environment in which these entities operate.

 

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. Stockholders’ equity is translated at historical rates. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders’ equity.

 

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements are as follows:

 

   December 31, 2018   June 30, 2018 
           
Balance sheet items, except for equity accounts   6.8632    6.6166 

 

 F-7 
 

 

   Six Months Ended December 31, 
   2018   2017 
           
Items in statements of comprehensive income (loss) and
cash flows		   6.7756    6.6404 

 

Recent accounting pronouncements

 

From time to time, new accounting pronouncements are issues by the Financial Accounting Standards Board or other standard bodies that may have an impact on the Company’s accounting and reporting. The Company believes that any recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented.

 

NOTE 4 – ACQUISITION

 

On December 27, 2018, the Company entered into VIE agreements with two shareholders of Fangguan Electronics to control 95.14% of the ownership rights and receive 100% of the net profit or net losses derived from the business operations of Fangguan Electronis. In exchange for VIE agreements, the Company issued 15 million shares of common stock to two shareholders of Frnagguan Electronics. (See Note 1)

 

The Transaction was accounted for as a business combination using the acquisition method of accounting. The assets, liabilities and the operations of Fangguan Electronics subsequent to the Transaction date were included in the Company’s consolidated financial statements.

 

The purchase price was allocated to the fair value of the tangible and intangible assets acquired and liabilities assumed. The Company has estimated the fair value of the assets acquired and liabilities assumed as of the acquisition date and will adjust these estimates accordingly within the one year measurement period once the appraisal report is completed. The preliminary purchase price allocated to assets acquired and liabilities assumed as of the acquisition was as follows:

 

   Amounts 
     
Cash  $687,591 
Notes receivable   67,441 
Accounts receivable   2,749,723 
Accounts receivable from related parties   46,603 
Inventories   2,906,489 
Advances to suppliers   165,819 
Other receivables   61,900 
Property, plant and equipment   6,630,997 
Intangible assets, net   4,516,173 
Deferred tax assets   58,071 
Short-term bank loan   (2,622,683)
Accounts payable   (3,715,537)
Advance from customers   (23,654)
Due to related parties   (6,288,886)
Accrued expenses and other current liabilities   (149,507)
Noncontrolling interest   (90,540)
Total consideration  $5,000,000 

 

NOTE 5 – INVENTORIES

 

Inventories are stated at the lower of cost (determined using the weighted average cost method) or net realizable value.

 

 F-8 
 

 

   December 31, 2018   June 30, 2018 
Raw materials  $691,779   $105,879 
Work-in-process   797,802    - 
Finished goods   1,926,270    120,960 
Total Inventories  $3,415,851   $226,839 

 

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT

 

The components of property, plant and equipment were as follows:

   December 31, 2018   June 30, 2018 
Buildings  $4,264,801   $- 
Machinery and equipment   2,274,837    - 
Office equipment   33,906    - 
Automobiles   59,588    - 
Property, plant and equipment  $6,633,132   $- 

 

As of December 31, 2018, buildings were pledged as collateral for bank loans (See Note 8).

 

NOTE 7 – INTANGIBLE ASSETS

 

Intangible assets consist of the following:

   December 31, 2018   June 30, 2018 
Land use right  $4,516,003   $- 
Computer software   170    - 
Intangible assets  $4,516,173   $- 

 

Fangguan Electronics acquired the land use right from the local government in August 2012 which expires on August 15, 2062. As of December 31, 2018, land use right was pledged as collateral for bank loans (See Note 8).

 

NOTE 8 – SHORT-TERM BANK LOAN

 

On November 12, 2018, Fangguan Electronics entered into a short-term loan agreement with Industrial Bank to borrow approximately US$2.6 million (RMB 18 million) for a year with annual interest rate of 5.27%. The borrowing was collateralized by the Company’s buildings and land use right. In addition, the borrowing was guaranteed by the Company’s shareholder and CEO of Fangguan Electronics, Mr. Jialin Liang, and his wife Ms. Dongjiao Su.

 

NOTE 9 - RELATED PARTY TRANSACTIONS AND BALANCES

 

Manufacture – related party

 

On September 1, 2016, the Company’s subsidiary, Baileqi Electronic, entered into a manufacturing agreement with Shenzhen Baileqi Science and Technology Co., Ltd. (“Shenzhen Baileqi S&T”) to manufacture products. The owner of Shenzhen Baileqi S&T is also a stockholder of the Company who owns approximately 1.5% of the Company’s outstanding common stock as of December 31, 2018.  The manufacturing costs incurred with Shenzhen Baileqi S&T was $0 and $271,186 for the six months ended December 31, 2018 and 2017, respectively, and the amount of $0 and $123,035 respectively were included in cost of revenue. The manufacturing costs incurred with Shenzhen Baileqi S&T was $0 and $79,083 for the three months ended December 31, 2018 and 2017, respectively, and the amount of $0 and $78,868 respectively were included in cost of revenue.

 

 F-9 
 

 

Purchase from related party

 

During the six months ended December 31, 2018, the Company’s subsidiaries, Lisite Science and Baileqi Electronic, purchased $1,610,058 and $517,262 from Keenest and Shenzhen Baileqi S&T which were owned by the Company’s stockholders who own approximately 2% and 1.5% respectively of the Company’s outstanding common stock as of December 31, 2018. The amount of $1,610,058 and $454,049 were included in the cost of revenue for the six months ended December 31, 2018.

 

During the six months ended December 31, 2018, the Company’s subsidiary, Fangguan Photoelectric, purchased $1,498,744 from Fangguan Electronics before Fangguan Electronics became a variable interest entity of the Company as of December 27, 2018 (See Note 1 and Note 4). The president of Fangguan Electronics was the president and a member of the board of directors of Fangguan Photoelectric before he resigned and left Fangguan Photoelectric in October 2018. The amount of $1,130,052 was included in the cost of revenue for the six months ended December 31, 2018.

 

During the six months ended December 31, 2017, Lisite Science and Baileqi Electronic purchased $391,804 and $410,976 from Keenest and Shenzhen Baileqi S&T which were owned by the Company’s shareholders who own approximately 2% and 1.5% respectively of the Company’s outstanding common stock. The amount of $391,804 and $363,832 were included in the cost of revenue for the six months ended December 31, 2017.

 

During the three months ended December 31, 2018, Lisite Science and Baileqi Electronic purchased $933,679 and $66,757 from Keenest and Shenzhen Baileqi S&T which were owned by the Company’s stockholders who own approximately 2% and 1.5% respectively of the Company’s outstanding common stock as of December 31, 2018. The amount of $933,679 and $114,023 were included in the cost of revenue for the three months ended December 31, 2018. 

 

During the three months ended December 31, 2018, Fangguan Photoelectric purchased $706,462 from Fangguan Electronics before Fangguan Electronics became a variable interest entity of the Company as of December 27, 2018 (See Note 1 and Note 4). The president of Fangguan Electronics was the president and a member of the board of directors of Fangguan Photoelectric before he resigned and left Fangguan Photoelectric in October 2018. The amount of $366,646 was included in the cost of revenue for the three months ended December 31, 2018.

 

During the three months ended December 31, 2017, Lisite Science and Baileqi Electronic purchased $328,159 and $236,511 from Keenest and Shenzhen Baileqi S&T which were owned by the Company’s stockholders who own approximately 2% and 1.5% respectively of the Company’s outstanding common stock. The amount of $328,159 and $199,993 were included in the cost of revenue for the three months ended December 31, 2017.

 

Advances to suppliers - related parties

 

Lisite Science made advances of $0 and $206,194 to Keenest for future purchases as of December 31, 2018 and June 30, 2018, respectively. 

 

Accounts payable - related parties

 

The trade balance payable to Fangguan Electronics was $0 and $248,543 as of December 31, 2018 and June 30, 2018, respectively. The trade balance payable to Keenest were $55,829 and $0 as of December 31, 2018 and June 30, 2018, respectively.

 

Sales to related party

 

During the three and six months ended December 31, 2018, Baileqi Electronic sold materials of $0 and $93,838 to Shenzhen Baileqi S&T, respectively.

 

During the three and six months ended December 31, 2018, Fangguan Photoelectric sold products of $22,059 to Fangguan Electronics.

 

Accounts receivable - related parties

 

The sales-related balance receivable from Shenzhen Baileqi S&T were $160,647 and $119,543 as of December 31, 2018 and June 30, 2018, respectively.

 

 F-10 
 

 

Due to related parties

 

Due to related parties represents certain advances to the Company or its subsidiaries by related parties. The amounts are non-interest bearing, unsecured and due on demand.

 

Due to related parties consists of the following:

   December 31,
2018		   June 30,
2018		 
Ben Wong                        (1)  $143,792   $143,792 
Yubao Liu                        (2)   318,756    70,458 
Xin Sui                             (3)   1,992    1,992 
Baozhen Deng                (4)   3,906    (3,685)
Baozhu Deng                  (5)   2,914    - 
Jialin Liang                      (6)(10)   5,767,264    - 
Xuemei Jiang                  (7)(10)   521,623    - 
Liang Zhang                    (8)   5,887    - 
Zijian Yang                      (9)   5,139    - 
   $6,771,273   $212,557 

 

(1) Ben Wong was the controlling shareholder of Shinning Glory until April 20, 2017, which holds majority shares in Ionix Technology, Inc.

 

(2) Yubao Liu is the controlling shareholder of Shinning Glory since April 20, 2017, which holds majority shares in Ionix Technology, Inc.

 

(3) Xin Sui is a member of the board of directors of Welly Surplus.

 

(4) Baozhen Deng is a stockholder of the Company, who owns approximately 1.5% of the Company’s outstanding common stock, and the owner of Shenzhen Baileqi S&T.

 

(5) Baozhu Deng is a relative of Baozhen Deng, a stockholder of the Company.

 

(6) Jialin Liang is the president, CEO, and director of Fangguan Electronics.

 

(7) Xuemei Jiang is the vice president and director of Fangguan Electronics.

 

(8) Liang Zhang is the legal representative of Shizhe New Energy.

 

(9) Zijian Yang is the General Manager of Shizhe New Energy.

 

(10) The liabilities were assumed from the acquisition of Fangguan Electronics.

 

During the six months ended December 31, 2018, Yubao Liu advanced $248,298 to Well Best. Baileqi Electronic borrowed $2,914 from Baozhu Deng. In addition, Baozhen Deng refunded $7,591 to Baileqi Electronic. Liang Zhang and Zijian Yang advanced $5,887 and $5,139 to Shizhe New Energy, respectively.

 

During the six months ended December 31, 2017, Welly Surplus paid $5,000 to Xin Sui for loan repayment. Baileqi Electronic paid $9,111 to Shenzhen Baileqi S&T to reduce the loan balance. Lisite Science paid $122,820 to Changyong Yang for loan repayment. In addition, Yubao Liu advanced $29,998 to Well Best.

 

 F-11 
 

 

NOTE 10 – CONCENTRATION

 

Major customers

 

Customers who accounted for 10% or more of the Company’s revenues for the three and six months ended December 31, 2018 and 2017, respectively, and its outstanding balance of accounts receivable as of December 31, 2018 and 2017, respectively, are presented as follows:

 

   For the six months ended
December 31, 2018		   As of December 31, 2018 
   Revenue   Percentage
of total
revenue		   Accounts
receivable		   Percentage of
total
 accounts
 receivable		 
Customer A  $1,472,404    31%  $417,851    12%
Customer B   1,917,298    40%   -    -%
Total  $3,389,702    71%  $417,851    12%

 

 

   For the six months ended
December 31, 2017		   As of December 31, 2017 
   Revenue   Percentage
of total
revenue		   Accounts
receivable		   Percentage of
total
 accounts
 receivable		 
Customer A  $293,260    26%  $-    -%
Customer B   174,278    15%   79,400    93%
Total  $467,538    41%  $79,400    93%

 

 

   For the three months ended
December 31, 2018		   As of December 31, 2018 
   Revenue   Percentage
of total
revenue		   Accounts
receivable		   Percentage of
total
 accounts
 receivable		 
Customer A  $733,511    33%  $417,851    12%
Customer B   358,983    16%   -    -%
Customer C   888,875    39%   -    -%
Total  $1,981,369    88%  $417,851    12%

 

 

   For the three months ended
December 31, 2017		   As of December 31, 2017 
   Revenue   Percentage
of total
revenue		   Accounts
receivable		   Percentage of
total
 accounts
 receivable		 
Customer A  $293,260    39%  $-    -%
Customer B   173,883    23%   79,400    93%
Total  $467,143    62%  $79,400    93%

 

All customers are located in the PRC.

 

 F-12 
 

 

Major suppliers

 

The suppliers who accounted for 10% or more of the Company’s total purchases (materials and services) for the three and six months ended December 31, 2018 and 2017, respectively, and its outstanding balance of accounts payable as of December 31, 2018 and 2017, respectively, are presented as follows:

 

   For the six months ended
December 31, 2018		   As of December 31, 2018 
   Total Purchase   Percentage
of total
purchase		   Accounts
payable		   Percentage of
total
 accounts
 payable		 
Supplier A – related party  $1,610,058    36%  $55,829    1%
Supplier B – related party   517,262    11%   -    -%
Supplier C – related party   1,498,744    33%   -    -%
Supplier D   785,316    17%   -    -%
Total  $4,411,380    97%  $55,829    1%

 

 

   For the six months ended
December 31, 2017		   As of December 31, 2017 
   Total Purchase   Percentage
of total
purchase		   Accounts
payable		   Percentage of
total
 accounts
 payable		 
Supplier A – related party  $391,804    33%  $-    -%
Supplier B – related party   682,162    57%   46,040    29%
Total  $1,073,966    90%  $46,040    29%

 

 

   For the three months ended
December 31, 2018		   As of December 31, 2018 
   Total Purchase   Percentage
of total
purchase		   Accounts
payable		   Percentage of
total
 accounts
 payable		 
Supplier A – related party  $933,679    47%  $55,829    1%
Supplier B – related party   706,462    36%   -    -%
Supplier C   248,609    13%   -    -%
Total  $1,888,750    96%  $55,829    1%

 

 

   For the three months ended
December 31, 2017		   As of December 31, 2017 
   Total Purchase   Percentage
of total
purchase		   Accounts
payable		   Percentage of
total
 accounts
 payable		 
Supplier A – related party  $328,159    51%  $-    -%
Supplier B – related party   315,594    49%   46,040    29%
Total  $643,753    100%  $46,040    29%

 

All suppliers of the Company are located in the PRC.

 

 F-13 
 

 

NOTE 11 - INCOME TAXES

 

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company operates in various countries: United States of America, Hong Kong and the PRC that are subject to taxes in the jurisdictions in which they operate, as follows:

 

United States of America

 

The Company is registered in the State of Nevada and is subject to the tax laws of United States of America.

 

The Company has shown losses since inception.  As a result, it has incurred no income tax. Under normal circumstances, the Internal Revenue Service is authorized to audit income tax returns during a three year period after the returns are filed.  In unusual circumstances, the period may be longer.  Tax returns for the year ended June 30, 2011 and after were still open to audit as of December 31, 2018.

 

The Company received a penalty assessment from the IRS in the amount of $10,000 for failure to provide information with respect to certain foreign owned US Corporations on Form 5472 - Information Return of a 25% Foreign Owned US Corporation for the tax period ended June 30, 2013. The Company disputed this claim and is working to reverse the penalty. The Company believes that the payment of this penalty is remote and did not accrue this liability as of December 31, 2018.

 

Hong Kong

 

The Company’s subsidiaries in Hong Kong are subject to income tax rate of 16.5%. For the six months ended December 31, 2018 and 2017, there is no assessable income chargeable to profit tax in Hong Kong.

 

The PRC

 

The Company’s subsidiaries in China are subject to a unified income tax rate of 25%. Fanguguan Electronics was certified as high-tech enterprises for three years from November 2016 to November 2019 and is taxed at a unified income tax rate of 15%.

 

The reconciliation of income tax expense at the U.S. statutory rates of 21% and 35% to the Company’s effective tax rate is as follows:

 

    For the six months ended December 31,  
    2018     2017  
    21%     35%  
Tax at U.S. statutory rate   $ 64,310     $ 3,109  
Tax rate difference between
foreign operations and U.S.		     25,739       (2,222 )
Change in valuation allowance     30,442       8,486  
Permanent difference     1,737       -  
Effective tax   $ 122,228     $ 9,373  

 

The provisions for income taxes are summarized as follows:

    For the six months ended December 31,  
    2018     2017  
Current   $ 137,112     $ 9,373  
Deferred     (14,884 )     -  
Total   $   122,228     $ 9,373  

 

As of December 31, 2018, the Company has approximately $558,000 net operating loss carryforwards available in the U.S. and Hong Kong to reduce future taxable income which will begin to expire from 2035. It is more likely than not that the deferred tax assets cannot be utilized in the future because there will not be significant future earnings from the entity which generated the net operating loss. Therefore, the Company recorded a full valuation allowance on its deferred tax assets.

 

 F-14 
 

 

The Company has not provided deferred taxes on unremitted earnings attributable to international companies that have been considered to be reinvested indefinitely. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the income tax liability that would be payable if such earnings were not indefinitely reinvested. In accordance with ASC Topic 740, interest associated with unrecognized tax benefits is classified as income tax and penalties are classified in selling, general and administrative expenses in the statements of comprehensive income (loss).

 

The extent of the Company’s operations involves dealing with uncertainties and judgments in the application of complex tax regulations in a multitude of jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state and international tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due.

 

The U.S. Tax Cuts and Jobs Act (Tax Act) was enacted on December 22, 2017 and introduces significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively. The Tax Act requires the Company to pay U.S. income taxes on accumulated foreign subsidiary earnings not previously subject to U.S. income tax at a rate of 15.5% to the extent of foreign cash and certain other net current assets and 8% on the remaining earnings. Since the Company’s foreign subsidiaries have not generated accumulated earnings as of December 31, 2017, the Company believes that Tax Act will not have significant impact on the Company’s consolidated financial statements.

 

NOTE 12 - SUBSEQUENT EVENTS

 

The Company has evaluated the existence of significant events subsequent to the balance sheet date through the date the financial statements were issued and has determined that there were no subsequent events or transactions which would require recognition or disclosure in the financial statements.

 

 

 

 

 

 

END NOTES TO FINANCIAL STATEMENTS

 

 F-15 
 

 

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

The following Management's Discussion and Analysis should be read in conjunction with Ionix Technology, Inc.’s. financial statements and the related notes thereto. The Management's Discussion and Analysis contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,” “expect,” and the like, and/or future-tense or conditional constructions (“will,” “may,” “could,” “should,” etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements in this Report on Form 10-Q. The Company’s actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Report on Form 10-Q.

 

The following discussion should be read in conjunction with our unaudited consolidated financial statements and related notes and other financial data included elsewhere in this report. See also the notes to our consolidated financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended June 30, 2018, filed with the Commission on October 11, 2018.

 

Results of Operations for the three and six months ended December 31, 2018 and 2017 

 

Revenue

 

During the three months ended December 31, 2018 and 2017, total revenue was $2,251,548 and $750,944, respectively. The total revenues increased by 200% from the three months ended December 31, 2017 to three months ended December 31, 2018.

 

During the six months ended December 31, 2018 and 2017, revenue was $4,820,436 and $1,132,485, respectively. The total revenues increased by 326% from the six months ended December 31, 2017 to the six months ended December 31, 2018.

 

The increase in revenue for the three and six months ended December 31, 2018 compared to 2017 can be attributed to our expanded operations in the fields of LCD screens in the PRC during the three and six months ended December 31, 2018.

 

Cost of Revenue

 

Cost of revenue included the cost of raw materials and finished products purchased and the sub-contracting processing fee paid to the processing factories which were owned by our shareholders, pursuant to the manufacturing agreement between the Company’s subsidiaries in PRC and processing factories.

  

During the three months ended December 31, 2018, cost of revenue was $541,912 for non-related parties and $1,414,348 for related parties. In comparison, during the three months ended December 31, 2017, the cost of revenues was $64,971 for non-related parties and $607,020 for related parties. The total cost of revenues increased by 191% from the three months ended December 31, 2017 to three months ended December 31, 2018.

 

During the six months ended December 31, 2018, cost of revenue was $1,041,824 for non-related parties and $3,194,159 for related parties. In comparison, during the six months ended December 31, 2017, cost of revenue was $113,903 for non-related parties and $878,671 for related parties. The total cost of revenues increased by 327% from the six months ended December 31, 2017 to six months ended December 31, 2018. 

 

The increase in cost of revenue for the three and six months ended December 31, 2018 compared to 2017 was attributed to our expanded operations in the fields of LCD screens in the PRC during the three and six months ended December 31, 2018.

 

 Gross Profit

There were no significant fluctuations in our gross profit margin. During the three months ended December 31, 2018 and 2017, gross profit was $295,288 and $78,953, respectively. Our gross profit margin maintained at 13% during the three months ended December 31, 2018 as compared to 11% for the three months ended December 31, 2017. During the six months ended December 31, 2018 and 2017, gross profit was $584,453 and $139,911, respectively.  Our gross profit margin maintained at 12% for the six months ended both December 31, 2018 and December 31, 2017. 

 

 16 
 

 

Selling, General and Administrative Expenses

 

Our general and administrative expenses mainly comprised of professional fees, payroll expenses, transportation, office expense, professional fees, freight and shipping costs, rent, and other miscellaneous expenses.  

During the three months ended December 31, 2018, and 2017, general and administrative expenses were $232,917, and $61,475, respectively.  

During the six months ended December 31, 2018, and 2017, general and administrative expenses were $295,906, and $131,028, respectively. 

 

The increase in selling, general and administrative expenses was attributed to our expanded operations and an increase in professional expenses related to the acquisition of Fangguan Electronics which occurred during the three and six months ended December 31, 2018.

 

Net Income (Loss)

 

During the three months ended December 31, 2018 and 2017, our net income was $6,854 compared with $9,714, respectively. The difference can be attributed to a significant increase in professional expenses related to the acquisition of Fangguan Electronics which was completed on December 27, 2018.

 

During the six months ended December 31, 2018 and 2017, our net income was $184,007 compared with a net loss of $490, respectively.

 

The difference can be attributed to increase in gross profits during the six months ended December 31, 2018. 

 

 Liquidity and Capital Resources

 

Cash Flow from Operating Activities

During the six months ended December 31, 2018 and 2017, net cash used in operating activities was $208,621 and $158,761, respectively. The change was mainly due to increase in accounts payable-non-related parties and accounts payable - related parties outflows which were partially offset by an increase in net income and advance to suppliers-related parties inflows.

 

Cash Flow from Investing Activities

During the six months ended December 31, 2018 and 2017, net cash provided by investing activities was $687,591 and $148,947, respectively. The change was mainly due to the cash provided by Fangguan Electronics whose acquisition was completed on December 27, 2018 which was partially offset by the decrease in other receivable inflows. 

 

Cash Flow from Financing Activities

During the six months ended December 31, 2018, the Company received $238,293 in cash for financing activities, which was nearly all due to proceeds from related party loans. In comparison, during the six months ended December 31, 2017, the Company used $109,513 in cash for financing activities, all of which was attributable to repayment of the related party loans.

 

As of December 31, 2018, we have a working capital deficiency of $5,562,375, which can be attributed to the large working capital deficiency (approximately $6 million ) of Fangguan Electronics whose acquisition was completed on December 27, 2018.

 

Our total current liabilities as of December 31, 2018 was $13,527,742 and consists of $2,622,683 for a short-term bank loan, $3,715, 537 in accounts payables for non-related parties, amount due to related parties $6,771,273, advances from customers of $63,468, and accrued expenses and other current liabilities of $298,952. Our Company’s directors and major shareholders are committed to providing for our minimum working capital needs for the next 12 months, and we do not expect previous loan amounts to be payable for the next 12 months. However, we do not have a formal agreement that states any of these facts.  The remaining balance of our current liabilities relates to audit and consulting fees and such payments are due on demand and we expect to settle such amounts on a timely basis based upon shareholder loans to be granted to us in the next 12 months.

 

Future Financings

 

We will not consider taking on any long-term or short-term debt from financial institutions in the immediate future.  We are dependent upon our director and the major shareholder to provide continued funding and capital resources. If continued funding and capital resources are unavailable at reasonable terms, we may not be able to implement our plan of operations. The financial statements do not include any adjustments related to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue in operation.

 

 17 
 

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.  

 

Critical Accounting Policies

 

Our critical accounting policies are disclosed in Note 3 to the consolidated financial statements.  

 

Recently Issued Accounting Pronouncements

 

There were no recent accounting pronouncements that have or will have a material effect on the Company’s financial position or results of operations.

 

Contractual Obligations

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

 

ITEM 4.CONTROLS AND PROCEDURES

 

 18 
 

 

Evaluation of Disclosure Controls and Procedures

 

Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management carried out an evaluation under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 ("Exchange Act"). Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures were not effective as of December 31, 2018.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal control over financial reporting subsequent to the fiscal year ended June 30, 2018, which were identified in connection with our management’s evaluation required by paragraph (d) of rules 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

The Company is not required by current SEC rules to include, and does not include, an auditor's attestation report. The Company's registered public accounting firm has not attested to Management's reports on the Company's internal control over financial reporting.

 

Limitations of the Effectiveness of Disclosure Controls and Internal Controls

 

Our management, including our Principal Executive Officer and Principal Financial Officer, does not expect that our disclosure controls and internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control.

 

The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving our stated goals under all potential future conditions; over time, a control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 

 

PART II - OTHER INFORMATION

 

ITEM 1.LEGAL PROCEEDINGS

 

From time to time, the Company may become subject to various legal proceedings that are incidental to the ordinary conduct of its business. Although the Company cannot accurately predict the amount of any liability that may ultimately arise with respect to any of these matters, it makes provision for potential liabilities when it deems them probable and reasonably estimable. These provisions are based on current information and legal advice and may be adjusted from time to time according to developments.

 

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest. 

 

 19 
 

 

ITEM 1A.RISK FACTORS

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

 None.

 

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4.MINE SAFETY DISCLOSURES

 

N/A.

 

ITEM 5.OTHER INFORMATION

 

None.

 

 20 
 

 

ITEM 6.EXHIBITS

 

Exhibit      
Number Description of Exhibit    
3.01a Articles of Incorporation, dated March 11, 2011   Filed with the SEC on October 13, 2017 as part of our Annual Report on Form 10-K
3.01b Certificate of Amendment to Articles of Incorporation, dated August 7, 2014   Filed with the SEC on September 3, 2014 as part of our Current Report on Form 8-K
3.01c Certificate of Amendment to Articles of Incorporation, dated December 3, 2015   Filed with the SEC on December 10, 2015 as part of our Current Report on Form 8-K
3.02a Bylaws   Filed with the SEC on August 23, 2011 as an exhibit to our Registration Statement on Form 10.
3.02b Amended Bylaws, dated August 7, 2014   Filed with the SEC on September 3, 2014 as part of our Current Report on Form 8-K
10.01 Stock Purchase Agreement between Locksley Samuels and Shining Glory Investments Limited, dated November 20, 2015   Filed with the SEC on November 23, 2015 as part of our Current Report on Form 8-K
10.02 Manufacturing Agreement, dated as of August 19, 2016, by and between Jiangxi Huanming Technology Limited Company and XinyuIonix Technology Company Limited.   Filed with the SEC on August 24, 2016 as part of our Current Report on Form 8-K
10.03 Share Transfer Agreement, dated as of August 19, 2016, by and between GuoEn Li and Well Best International Investment Limited   Filed with the SEC on August 24, 2016 as part of our Current Report on Form 8-K
10.04 Share Purchase Agreement dated December 27, 2018 by and between Ionix Technology, Inc., Changchun Fangguan Electronics Technology Co., Ltd. and the shareholders of Changchun Fangguan Electronics Technology Co., Ltd.   Filed with the SEC on December 27, 2018 as part of our Current Report on Form 8-K
10.05 Business Operation Agreement dated December 27, 2018 by and between Changchun Fangguan Photoelectric Display Technology Co., Ltd., Changchun Fangguan Electronics Technology Co., Ltd., Jialin Liang and Xuemei Jiang.   Filed with the SEC on December 27, 2018 as part of our Current Report on Form 8-K
10.06 Exclusive Technical Support Service Agreement dated December 27, 2018 by and between Changchun Fangguan Photoelectric Display Technology Co., Ltd. and Changchun Fangguan Electronics Technology Co., Ltd.   Filed with the SEC on December 27, 2018 as part of our Current Report on Form 8-K
10.07 Equity Interest Purchase Agreement dated December 27, 2018 by and between Changchun Fangguan Photoelectric Display Technology Co., Ltd., Changchun Fangguan Electronics Technology Co., Ltd., Jialin Liang and Xuemei Jiang.   Filed with the SEC on December 27, 2018 as part of our Current Report on Form 8-K
10.08

Equity Interest Pledge Agreement dated December 27, 2018 by and between Changchun Fangguan Photoelectric Display Technology Co., Jialin Liang and Xuemei Jiang

   Filed with the SEC on December 27, 2018 as part of our Current Report on Form 8-K
21.1 List of Subsidiaries   Filed with the SEC on  May 14, 2018 as part of our Quarterly Report on Form 10-Q
31.01 Certification of Principal Executive Officer Pursuant to Rule 13a-14   Filed herewith.
31.02 Certification of Principal Financial Officer Pursuant to Rule 13a-14   Filed herewith.
32.01 CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act   Filed herewith.
32.02 CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act   Filed herewith.
 101.INS* XBRL Instance Document   Filed herewith.
101.SCH* XBRL Taxonomy Extension Schema Document   Filed herewith.
101.CAL* XBRL Taxonomy Extension Calculation Linkbase Document   Filed herewith.
101.LAB* XBRL Taxonomy Extension Labels Linkbase Document   Filed herewith.
101.PRE* XBRL Taxonomy Extension Presentation Linkbase Document   Filed herewith.
101.DEF* XBRL Taxonomy Extension Definition Linkbase Document   Filed herewith.

 

*Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

 

 21 
 

 

SIGNATURES

 

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Ionix Technology, Inc.
   
 Date: February 11, 2019 By: /s/ Yubao Liu  
 

Name:  Yubao Liu

Title:    Chief Executive Officer and Director

(Principal Executive Officer)

 

 Date: February 11, 2019 By: /s/ Yue Kou  
 

Name:  Yue Kou

Title:    Chief Financial Officer

(Principal Financial Officer)

 

 In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

   
 Date: February 11, 2019 By: /s/ Yubao Liu  
 

Name:  Yubao Liu

Title:    Chief (Principal) Executive Officer, Secretary, Treasurer and Director

 

 Date: February 11, 2019 By: /s/ Yue Kou  
 

Name:  Yue Kou

Title:    Chief (Principal) Financial Officer

 

 Date: February 11, 2019 By: /s/ Bailiang Yang  
 

Name:  Bailiang Yang

Title:    Director (Chairman)

 

 

 Date: February 11, 2019 By: /s/ Chunde Song  
 

Name:  Chunde Song

Title:    Director

 

 Date: February 11, 2019 By: /s/ Jialin Liang  
 

Name:  Jialin Liang

Title:    Director

 

 

 Date: February 11, 2019 By: /s/ Xuemei Jiang  
 

Name:  Xuemei Jiang

Title:    Director

 

 

22

 

 

 

 

 

 EX-31.01 2 ex31_01.htm EXHIBIT 31.01

 

EXHIBIT 31.01

 

CERTIFICATION OF

PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

 

I, Yubao Liu, certify that:

 

1.      I have reviewed this Quarterly Report on Form 10-Q of the Registrant for the period ended December 31, 2018;

 

2.      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.      Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

 

4.      As the Registrant’s certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

a.      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.      Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.      Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.      As the Registrant’s certifying officer, I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant auditors and the audit committee of the Registrant’s Board of Directors (or persons performing the equivalent functions):

 

a.      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

b.      Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

  Ionix Technology, Inc.
   
 Date: February 11, 2019 By: /s/ Yubao Liu  
  Name: Yubao Liu
  Title: Chief (Principal) Executive Officer 

 

 

 

 

 

 EX-31.02 3 ex31_02.htm EXHIBIT 31.02

 

EXHIBIT 31.02

 

CERTIFICATION OF

PRINCIPAL ACCOUNTING OFFICER

PURSUANT TO SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

 

I, Yue Kou, certify that:

 

1.      I have reviewed this Quarterly Report on Form 10-Q of the Registrant for the period ended December 31, 2018;

 

2.      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.      Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

 

4.      As the Registrant’s certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

a.      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.      Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.      Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.      As the Registrant’s certifying officer, I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant auditors and the audit committee of the Registrant’s Board of Directors (or persons performing the equivalent functions):

 

a.      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

b.      Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

  Ionix Technology, Inc.
 Date: February 11, 2019 By: /s/ Yue Kou  
 

Name:  Yue Kou

Title:   Chief (Principal) Accounting and Financial Officer

 

  

 

 

 

 EX-32.01 4 ex32_01.htm EXHIBIT 32.01

 

EXHIBIT 32.01

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Yubao Liu, the Chief Executive Officer of Ionix Technology, Inc., certify, under the standards set forth and solely for the purposes of 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge, the Quarterly Report on Form 10-Q of the Registrant for the period ended December 31, 2018, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in that Form 10-Q fairly presents, in all material respects, the financial condition and  results of operations of the Registrant.

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

  Ionix Technology, Inc.
 Date: February 11, 2019  
  By: /s/ Yubao Liu  
 

Name:  Yubao Liu

Title:    Chief (Principal) Executive Officer

   

 

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

 

 

 EX-32.02 5 ex32_02.htm EXHIBIT 32.02

 

EXHIBIT 32.02

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Yue Kou, the Chief Accounting and Financial Officer of Ionix Technology, Inc., certify, under the standards set forth and solely for the purposes of 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge, the Quarterly Report on Form 10-Q of the Registrant for the period ended December 31, 2018, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in that Form 10-Q fairly presents, in all material respects, the financial condition and  results of operations of the Registrant.

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date: February 11, 2019 Ionix Technology, Inc.
   
  By: /s/  Yue Kou  
 

Name:  Yue Kou

Title:    Chief (Principal) Accounting and Financial Officer

   

 

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

 

 

 EX-101.INS 6 iinx-20181231.xml XBRL INSTANCE FILE 0001528308 2018-07-01 2018-12-31 0001528308 us-gaap:CommonStockMember 2019-02-11 0001528308 us-gaap:PreferredStockMember 2019-02-11 0001528308 2018-12-31 0001528308 2018-06-30 0001528308 2018-10-01 2018-12-31 0001528308 2017-10-01 2017-12-31 0001528308 2017-07-01 2017-12-31 0001528308 iinx:NonRelatedPartiesMember 2018-10-01 2018-12-31 0001528308 iinx:NonRelatedPartiesMember 2017-10-01 2017-12-31 0001528308 iinx:NonRelatedPartiesMember 2018-07-01 2018-12-31 0001528308 iinx:NonRelatedPartiesMember 2017-07-01 2017-12-31 0001528308 iinx:RelatedPartiesMember 2018-10-01 2018-12-31 0001528308 iinx:RelatedPartiesMember 2017-10-01 2017-12-31 0001528308 iinx:RelatedPartiesMember 2018-07-01 2018-12-31 0001528308 iinx:RelatedPartiesMember 2017-07-01 2017-12-31 0001528308 2017-06-30 0001528308 2017-12-31 0001528308 iinx:FangguanElectronicsMember iinx:VIEAgreementsMember 2018-12-27 0001528308 us-gaap:BuildingMember 2018-12-31 0001528308 us-gaap:MachineryAndEquipmentMember 2018-12-31 0001528308 us-gaap:OfficeEquipmentMember 2018-12-31 0001528308 us-gaap:AutomobilesMember 2018-12-31 0001528308 us-gaap:BuildingMember 2018-06-30 0001528308 us-gaap:MachineryAndEquipmentMember 2018-06-30 0001528308 us-gaap:OfficeEquipmentMember 2018-06-30 0001528308 us-gaap:AutomobilesMember 2018-06-30 0001528308 us-gaap:ComputerSoftwareIntangibleAssetMember 2018-12-31 0001528308 us-gaap:UseRightsMember 2018-12-31 0001528308 us-gaap:ComputerSoftwareIntangibleAssetMember 2018-06-30 0001528308 us-gaap:UseRightsMember 2018-06-30 0001528308 iinx:ChangchunFangguanElectronicScienceAndTechnologyCoLtdMember iinx:ShortTermLoanAgreementMember iinx:IndustrialBankMember 2018-11-12 0001528308 iinx:ChangchunFangguanElectronicScienceAndTechnologyCoLtdMember iinx:ShortTermLoanAgreementMember iinx:IndustrialBankMember currency:CNY 2018-11-12 0001528308 iinx:BenWongMember 2018-12-31 0001528308 iinx:YubaoLiuMember 2018-12-31 0001528308 iinx:XinSuiMember 2018-12-31 0001528308 iinx:BaozhenDengMember 2018-12-31 0001528308 iinx:BaozhuDengMember 2018-12-31 0001528308 iinx:JialinLiangMember 2018-12-31 0001528308 iinx:XuemeiJiangMember 2018-12-31 0001528308 iinx:LiangZhangMember 2018-12-31 0001528308 iinx:ZijianYangMember 2018-12-31 0001528308 iinx:BenWongMember 2018-06-30 0001528308 iinx:YubaoLiuMember 2018-06-30 0001528308 iinx:XinSuiMember 2018-06-30 0001528308 iinx:BaozhenDengMember 2018-06-30 0001528308 iinx:BaozhuDengMember 2018-06-30 0001528308 iinx:XuemeiJiangMember 2018-06-30 0001528308 iinx:LiangZhangMember 2018-06-30 0001528308 iinx:ZijianYangMember 2018-06-30 0001528308 iinx:BaozhenDengMember iinx:BaileqiElectronicMember 2018-07-01 2018-12-31 0001528308 iinx:BaileqiElectronicMember iinx:BaozhuDengMember 2018-07-01 2018-12-31 0001528308 iinx:YubaoLiuMember iinx:WellBestMember 2018-07-01 2018-12-31 0001528308 iinx:ChangchunFangguanElectronicScienceAndTechnologyCoLtdMember 2018-12-31 0001528308 iinx:ChangchunFangguanElectronicScienceAndTechnologyCoLtdMember 2018-06-30 0001528308 iinx:ShenzhenBaileqiSAndTMember 2018-12-31 0001528308 iinx:ShenzhenBaileqiSAndTMember 2018-06-30 0001528308 iinx:KeenestMember 2018-07-01 2018-12-31 0001528308 iinx:KeenestMember 2017-07-01 2018-06-30 0001528308 iinx:ShenzhenBaileqiSAndTMember 2018-10-01 2018-12-31 0001528308 iinx:ShenzhenBaileqiSAndTMember 2018-07-01 2018-12-31 0001528308 iinx:ShenzhenBaileqiSAndTMember 2017-07-01 2017-12-31 0001528308 iinx:XinSuiMember iinx:WellySurplusInternationalLimitedMember 2017-07-01 2017-12-31 0001528308 iinx:ShenzhenBaileqiSAndTMember iinx:BaileqiElectronicMember 2017-07-01 2017-12-31 0001528308 iinx:ChangyongYangMember iinx:LisiteScienceMember 2017-07-01 2017-12-31 0001528308 iinx:YubaoLiuMember iinx:LisiteScienceMember 2017-07-01 2017-12-31 0001528308 us-gaap:AccountsReceivableMember 2018-07-01 2018-12-31 0001528308 us-gaap:AccountsReceivableMember iinx:CustomerTwoMember 2018-07-01 2018-12-31 0001528308 us-gaap:AccountsReceivableMember iinx:CustomerOneMember 2018-07-01 2018-12-31 0001528308 us-gaap:AccountsReceivableMember iinx:CustomerOneMember 2018-12-31 0001528308 us-gaap:AccountsReceivableMember iinx:CustomerTwoMember 2018-12-31 0001528308 us-gaap:AccountsReceivableMember 2018-12-31 0001528308 us-gaap:AccountsReceivableMember iinx:CustomerOneMember 2017-12-31 0001528308 us-gaap:AccountsReceivableMember iinx:CustomerTwoMember 2017-12-31 0001528308 us-gaap:AccountsReceivableMember 2017-12-31 0001528308 us-gaap:SalesMember iinx:CustomerOneMember 2018-07-01 2018-12-31 0001528308 us-gaap:SalesMember iinx:CustomerTwoMember 2018-07-01 2018-12-31 0001528308 us-gaap:SalesMember 2018-07-01 2018-12-31 0001528308 us-gaap:SalesMember iinx:CustomerOneMember 2017-07-01 2017-12-31 0001528308 us-gaap:SalesMember iinx:CustomerTwoMember 2017-07-01 2017-12-31 0001528308 us-gaap:SalesMember 2017-07-01 2017-12-31 0001528308 us-gaap:AccountsReceivableMember iinx:CustomerOneMember 2017-07-01 2017-12-31 0001528308 us-gaap:AccountsReceivableMember iinx:CustomerTwoMember 2017-07-01 2017-12-31 0001528308 us-gaap:AccountsReceivableMember iinx:CustomerThreeMember 2017-07-01 2017-12-31 0001528308 us-gaap:AccountsReceivableMember 2017-07-01 2017-12-31 0001528308 us-gaap:AccountsPayableMember iinx:SupplierOneMember 2018-12-31 0001528308 us-gaap:AccountsPayableMember iinx:SupplierTwoMember 2018-12-31 0001528308 us-gaap:AccountsPayableMember iinx:SupplierThreeMember 2018-12-31 0001528308 us-gaap:AccountsPayableMember iinx:SupplierFourMember 2018-12-31 0001528308 us-gaap:AccountsPayableMember 2018-12-31 0001528308 iinx:PurchasesMember iinx:SupplierOneMember 2018-07-01 2018-12-31 0001528308 iinx:PurchasesMember iinx:SupplierTwoMember 2018-07-01 2018-12-31 0001528308 iinx:PurchasesMember iinx:SupplierThreeMember 2018-07-01 2018-12-31 0001528308 iinx:PurchasesMember iinx:SupplierFourMember 2018-07-01 2018-12-31 0001528308 iinx:PurchasesMember 2018-07-01 2018-12-31 0001528308 iinx:PurchasesMember iinx:SupplierOneMember 2017-07-01 2017-12-31 0001528308 iinx:PurchasesMember iinx:SupplierTwoMember 2017-07-01 2017-12-31 0001528308 iinx:PurchasesMember 2017-07-01 2017-12-31 0001528308 us-gaap:AccountsPayableMember iinx:SupplierOneMember 2018-07-01 2018-12-31 0001528308 us-gaap:AccountsPayableMember iinx:SupplierTwoMember 2018-07-01 2018-12-31 0001528308 us-gaap:AccountsPayableMember iinx:SupplierThreeMember 2018-07-01 2018-12-31 0001528308 us-gaap:AccountsPayableMember iinx:SupplierFourMember 2018-07-01 2018-12-31 0001528308 us-gaap:AccountsPayableMember 2018-07-01 2018-12-31 0001528308 us-gaap:AccountsPayableMember iinx:SupplierOneMember 2017-07-01 2017-12-31 0001528308 us-gaap:AccountsPayableMember iinx:SupplierTwoMember 2017-07-01 2017-12-31 0001528308 us-gaap:AccountsPayableMember 2017-07-01 2017-12-31 0001528308 us-gaap:AccountsPayableMember iinx:SupplierOneMember 2017-12-31 0001528308 us-gaap:AccountsPayableMember iinx:SupplierTwoMember 2017-12-31 0001528308 us-gaap:AccountsPayableMember 2017-12-31 0001528308 us-gaap:SalesMember iinx:CustomerOneMember 2018-10-01 2018-12-31 0001528308 us-gaap:SalesMember iinx:CustomerTwoMember 2018-10-01 2018-12-31 0001528308 us-gaap:SalesMember iinx:CustomerThreeMember 2018-10-01 2018-12-31 0001528308 us-gaap:SalesMember 2018-10-01 2018-12-31 0001528308 us-gaap:SalesMember iinx:CustomerOneMember 2017-10-01 2017-12-31 0001528308 us-gaap:SalesMember iinx:CustomerTwoMember 2017-10-01 2017-12-31 0001528308 us-gaap:SalesMember 2017-10-01 2017-12-31 0001528308 iinx:PurchasesMember iinx:SupplierOneMember 2018-10-01 2018-12-31 0001528308 iinx:PurchasesMember iinx:SupplierTwoMember 2018-10-01 2018-12-31 0001528308 iinx:PurchasesMember iinx:SupplierThreeMember 2018-10-01 2018-12-31 0001528308 iinx:PurchasesMember 2018-10-01 2018-12-31 0001528308 iinx:PurchasesMember iinx:SupplierOneMember 2017-10-01 2017-12-31 0001528308 iinx:PurchasesMember iinx:SupplierTwoMember 2017-10-01 2017-12-31 0001528308 iinx:PurchasesMember 2017-10-01 2017-12-31 0001528308 country:CN 2018-07-01 2018-12-31 0001528308 country:US 2018-07-01 2018-12-31 0001528308 us-gaap:InlandRevenueHongKongMember 2018-07-01 2018-12-31 0001528308 iinx:VIEAgreementsMember iinx:FangguanElectronics1Member 2018-12-26 2018-12-27 0001528308 iinx:VIEAgreementsMember iinx:FangguanElectronics1Member 2018-12-27 0001528308 us-gaap:BuildingMember srt:MinimumMember 2018-07-01 2018-12-31 0001528308 us-gaap:BuildingMember srt:MaximumMember 2018-07-01 2018-12-31 0001528308 us-gaap:MachineryAndEquipmentMember srt:MinimumMember 2018-07-01 2018-12-31 0001528308 us-gaap:MachineryAndEquipmentMember srt:MaximumMember 2018-07-01 2018-12-31 0001528308 us-gaap:OfficeEquipmentMember 2018-07-01 2018-12-31 0001528308 us-gaap:AutomobilesMember 2018-07-01 2018-12-31 0001528308 us-gaap:UseRightsMember 2018-07-01 2018-12-31 0001528308 us-gaap:ComputerSoftwareIntangibleAssetMember 2018-07-01 2018-12-31 0001528308 iinx:BalanceSheetMember 2018-06-30 0001528308 iinx:IncomeAndCashFlowMember 2018-12-31 0001528308 iinx:BalanceSheetMember 2018-12-31 0001528308 iinx:IncomeAndCashFlowMember 2017-12-31 0001528308 srt:SubsidiariesMember iinx:KeenestAndShenzhenBaileqiSAndTMember 2018-07-01 2018-12-31 0001528308 iinx:Subsidiaries1Member iinx:KeenestAndShenzhenBaileqiSAndTMember 2018-07-01 2018-12-31 0001528308 iinx:KeenestMember 2018-12-31 0001528308 iinx:Subsidiaries2Member iinx:ChangchunFangguanElectronicsTechnologyCoLtdMember 2018-07-01 2018-12-31 0001528308 srt:SubsidiariesMember iinx:KeenestAndShenzhenBaileqiSAndTMember 2017-07-01 2017-12-31 0001528308 iinx:Subsidiaries1Member iinx:KeenestAndShenzhenBaileqiSAndTMember 2017-07-01 2017-12-31 0001528308 iinx:KeenestMember 2017-12-31 0001528308 iinx:ShenzhenBaileqiSAndTMember 2017-12-31 0001528308 iinx:Subsidiaries2Member iinx:ChangchunFangguanElectronicsTechnologyCoLtdMember 2018-10-01 2018-12-31 0001528308 srt:SubsidiariesMember iinx:KeenestAndShenzhenBaileqiSAndTMember 2018-10-01 2018-12-31 0001528308 iinx:Subsidiaries1Member iinx:KeenestAndShenzhenBaileqiSAndTMember 2018-10-01 2018-12-31 0001528308 srt:SubsidiariesMember iinx:KeenestAndShenzhenBaileqiSAndTMember 2017-10-01 2017-12-31 0001528308 iinx:Subsidiaries1Member iinx:KeenestAndShenzhenBaileqiSAndTMember 2017-10-01 2017-12-31 0001528308 iinx:Subsidiaries3Member iinx:LiangZhangMember 2018-07-01 2018-12-31 0001528308 iinx:Subsidiaries3Member iinx:ZijianYangMember 2018-07-01 2018-12-31 0001528308 iinx:ShenzhenBaileqiSAndTMember 2017-10-01 2017-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure IONIX TECHNOLOGY, INC. 0001528308 10-Q IINX 2018-12-31 false --06-30 true false false Yes Non-accelerated Filer 114003000 5000000 Q2 2019 824874 111462 186767 71267 96581 3220848 636413 160647 119543 160647 119543 3415851 226839 168519 3164 206194 78047 20592 7965367 1324207 6633132 4264801 2274837 33906 59588 4516173 170 4516003 58071 19172743 1324207 2622683 3715537 264171 55829 55829 46040 46040 55829 248543 0 248543 55829 0 63468 59546 6771273 212557 143792 318756 1992 3906 2914 5767264 521623 5887 5139 143792 70458 1992 -3685 298952 125733 13527742 910550 15242 13527742 925792 500 500 11400 9900 5235746 237246 326826 142819 -20011 7950 5554461 398415 90540 5645001 398415 19172743 1324207 0.0001 0.0001 5000000 5000000 5000000 5000000 5000000 5000000 0.0001 0.0001 195000000 195000000 114003000 99003000 114003000 99003000 4820436 2251548 750944 1132485 2229489 750944 4704539 1132485 22059 115897 0 93838 1472404 1917298 3389702 293260 174278 467538 733511 358983 888875 1981369 293260 173883 467143 22059 22059 4235983 1956260 671991 992574 541912 64971 1041824 113903 1414348 607020 3194159 878671 584453 295288 78953 139911 295906 232917 61475 131028 295906 232917 61475 131028 288547 62371 17478 8883 17688 16285 306235 78656 17478 8883 122228 71802 7764 9373 184007 6854 9714 -490 -27961 -20039 4931 8619 156046 -13185 14645 8129 0.00 0.00 0.00 -0.00 99329087 99655174 99003000 99003000 -14884 -144264 -214351 45987 294434 197363 -355 -120004 -201357 89483 -3925 11277 -257973 12272 -138955 -117978 -17820 -39455 27524 -49342 -208621 -158761 -148947 687591 687591 148947 29518 2163 269974 -109413 7591 248298 0 206194 5000 9111 122820 29998 5887 5139 238293 -109413 -3851 3727 713412 -115500 141749 5163 5000000 15000000 0.9514 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 12 - SUBSEQUENT EVENTS</b></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has evaluated the existence of significant events subsequent to the balance sheet date through the date the financial statements were issued and has determined that there were no subsequent events or transactions which would require recognition or disclosure in the financial statements.</font></p> 5562375 687591 67441 46603 165819 61900 6630997 4516173 58071 2622683 3715537 23654 6288886 149507 90540 691779 105879 797802 1926270 120960 2600000 18000000 0.0527 0 0 271186 79083 0 0 123035 78868 2914 417851 417851 79400 79400 1610058 517262 1498744 785316 4411380 391804 682162 1073966 933679 706462 248609 1888750 328159 315594 643753 0.12 0.12 0.31 0.40 0.71 0.26 0.15 0.41 0.93 0.93 0.36 0.11 0.33 0.17 0.97 0.33 0.57 0.90 0.01 0.01 0.29 0.29 0.33 0.16 0.39 0.88 0.39 0.23 0.62 0.47 0.36 0.13 0.96 0.51 0.49 1.00 64310 3109 25739 -2222 30442 8486 1737 137112 9373 10000 0.35 0.21 558000 2035 0.25 0.25 0.165 0.15 The Tax Act requires the Company to pay U.S. income taxes on accumulated foreign subsidiary earnings not previously subject to U.S. income tax at a rate of 15.5% to the extent of foreign cash and certain other net current assets and 8% on the remaining earnings. 0.9514 The ownership rights and receive 100% of the net profit or net losses derived from the business operations of Fangguan Electronis. 15000000 0.0001 P10Y P20Y P5Y P10Y P5Y P5Y P50Y P5Y 6.6166 6.7756 6.8632 6.6404 1610058 517262 1498744 391804 410976 706462 933679 66757 328159 236511 0.015 0.02 0.02 0.015 1610058 454049 1130052 391804 363832 366646 933679 114023 328159 199993 2749723 2906489 5000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 1 - NATURE OF OPERATIONS </b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Ionix Technology, Inc. (the &#8220;Company&#8221; or &#8220;Ionix&#8221;) is a Nevada corporation that was formed on March 11, 2011.&#160;</font><font style="font: 10pt Times New Roman, Times, Serif">By and through its wholly owned subsidiaries and an entity controlled through VIE agreements in China, the Company sells the high-end intelligent electronic equipment, which includes portable power banks for electronic devices and LCD screens in China.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Acquisition</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On December 27, 2018, Ionix Technology, Inc. (the &#8220;Company&#8221;) entered into a Share Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with Jialin Liang and Xuemei Jiang, each of whom are shareholders (the &#8220;Shareholders&#8221;) of Changchun Fangguan Electronics Technology Co., Ltd. (&#8220;Fangguan Electronics&#8221;). Pursuant to the terms of the Purchase Agreement, the Shareholders, who together own 95.14% of the ownership rights in Fangguan Electronics, agreed to execute and deliver the Business Operation Agreement dated December 27, 2018, the Equity Interest Pledge Agreement dated December 27, 2018, the Equity Interest Purchase Agreement dated December 27, 2018, the Exclusive Technical Support Service Agreement dated December 27, 2018 (the &#8220;Services Agreement&#8221;) and the Power of Attorney dated December 27, 2018, all together are referred to the &#8220;VIE Transaction Documents&#8221;, to the Company in exchange for the issuance of an aggregate of 15,000,000 shares of the Company&#8217;s common stock, par value $.0001 per share (the &#8220;Common Stock&#8221;), thereby causing Fangguan Electronics to become the Company&#8217;s variable interest entity. The entirety of the transaction will hereafter be referred to as the &#8220;Transaction&#8221;. As a result of the Transaction, the Company are able to exert effective control over Fangguan Electronics and receive 100% of the net profits or net losses derived from the business operations of Fangguan Electronics. Fangguan Electronics manufactures and sells LCD screens in China based in Changchun City, Jilin Province, People&#8217;s Republic of China. (See Note 4).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Transaction was accounted for as a business combination using the acquisition method of accounting. The assets, liabilities and the operations of Fangguan Electronics subsequent to the Transaction date were included in the Company&#8217;s consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 2 - GOING CONCERN</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company had a working capital deficiency of $5,562,375 at December 31, 2018 and did not generate cash from operations for the six months ended December 31, 2018 and 2017. These factors, among others, raise substantial doubt about the Company&#8217;s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company plans to rely on the proceeds from loans from both unrelated and related parties to provide the resources necessary to fund the development of the business plan and operations. However, no assurance can be given that the Company will be successful in raising additional capital.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 3 &#8211; BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Basis of presentation</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of December 31, 2018 and the results of operations and cash flows for the periods ended December 31, 2018 and 2017. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and six months ended December 31, 2018 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending June 30, 2019 or for any subsequent periods. The balance sheet at June 30, 2018 has been derived from the audited financial statements at that date.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended June 30, 2018 as included in our Annual Report on Form 10-K as filed with the SEC on October 11, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Basis of consolidation</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The consolidated financial statements&#160;include the accounts of Ionix, its wholly owned subsidiaries and an entity which the Company controls 95.14% through VIE agreements. All significant inter-company balances and transactions have been eliminated upon consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Use of Estimates</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s financial statements have been prepared in accordance with US GAAP and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. The significant areas requiring the use of management estimates include, but are not limited to, the allowance for doubtful accounts receivable, provision for staff benefit, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. Although these estimates are based on management&#8217;s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates and such differences may be material to our consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Property, plant and equipment</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property, plant and equipment are recorded at cost less accumulated depreciation and any impairment. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and location for its intended use. Repairs and maintenance costs are normally expensed as incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of the asset, the expenditure is capitalized as an additional cost of the asset.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the statement of comprehensive income (loss) in the reporting period of disposition.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation is calculated on a straight-line basis over the estimated useful life of the assets after taking into account their respective estimated residual value. The estimated useful life of the assets is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%"> <tr style="background-color: #cceeff; vertical-align: top"> <td style="text-align: justify; width: 50%"><font style="font: 10pt Times New Roman, Times, Serif">Buildings</font></td> <td style="text-align: right; width: 50%"><font style="font: 10pt Times New Roman, Times, Serif">10 &#8211; 20&#160;&#160;years</font></td></tr> <tr style="background-color: white; vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Machinery and equipment</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5 &#8211; 10&#160;&#160;years</font></td></tr> <tr style="background-color: #cceeff; vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Office equipment</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5 years</font></td></tr> <tr style="background-color: white; vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Automobiles</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5&#160;&#160;years</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Intangible assets</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Land use right is recorded as cost less accumulated amortization. Land use rights represent the prepayments for the use of the parcels of land in the PRC where the Company&#8217;s production facilities are located, and are charged to expense over their respective lease periods of 50 years. According to the laws of the PRC, the government owns all of the land in the PRC. Company or individuals are authorized to use the land only through land use rights granted by the PRC government for a certain period (usually 50 years).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Purchased intangible assets are recognized and measured at fair value upon acquisition. Intangible assets acquired separately and with finite useful lives are carried at costs less accumulated amortization and any accumulated impairment losses. Amortization for intangible assets with finite useful lives is provided on a straight-line basis over their estimated useful lives. Alternatively, intangible assets with indefinite useful lives are carried at cost less any subsequent accumulated impairment losses. The estimated useful lives of the intangible assets are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%"> <tr style="background-color: #cceeff; vertical-align: top"> <td style="text-align: justify; width: 50%"><font style="font: 10pt Times New Roman, Times, Serif">Land use right</font></td> <td style="text-align: right; width: 50%"><font style="font: 10pt Times New Roman, Times, Serif">50 years</font></td></tr> <tr style="background-color: white; vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Computer software</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;5 years</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Gains or losses arising from derecognition of the intangible asset are measured at the difference between the net disposal proceeds and the carrying amount of the assets and are recognized in the statement of comprehensive income (loss) when the asset is disposed.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Impairment of long-lived assets</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In accordance with the provisions of ASC Topic 360, &#8220;Impairment or Disposal of Long-Lived Assets&#8221;, all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Revenue recognition</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers, and all the related amendments (new revenue standard) to all contracts using the modified retrospective method beginning on July 1, 2018. The adoption will not result in an adjustment to the retained earnings as of June 30, 2018. The comparative information will not be restated and will continue to be reported under the accounting standards in effect for those periods. The adoption of the new revenue standard will have no impact on either reported sales to customers or net earnings. The Company will continue to recognize revenue from product sales as goods are shipped or delivered to the customer, as control of goods occurs at the same time.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Foreign currencies translation</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of comprehensive income (loss).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The reporting currency of the Company is the United States Dollar (&#8220;US$&#8221;). The Company&#8217;s subsidiaries in the People&#8217;s Republic of China (&#8220;PRC&#8221;) maintain their books and records in their local currency, the Renminbi Yuan (&#8220;RMB&#8221;), which is the functional currency as being the primary currency of the economic environment in which these entities operate.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, &#8220;Translation of Financial Statement&#8221;, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. Stockholders&#8217; equity is translated at historical rates. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders&#8217; equity.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Balance sheet items, except for equity accounts</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.8632</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.6166</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended December 31,</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Items in statements of comprehensive income (loss) and<br />cash flows</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.7756</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.6404</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Recent accounting pronouncements</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">From time to time, new accounting pronouncements are issues by the Financial Accounting Standards Board or other standard bodies that may have an impact on the Company&#8217;s accounting and reporting. The Company believes that any recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 4 &#8211; ACQUISITION</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On December 27, 2018, the Company entered into VIE agreements with two shareholders of Fangguan Electronics to control 95.14% of the ownership rights and receive 100% of the net profit or net losses derived from the business operations of Fangguan Electronis. In exchange for VIE agreements, the Company issued 15 million shares of common stock to two shareholders of Frnagguan Electronics. (See Note 1)</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Transaction was accounted for as a business combination using the acquisition method of accounting. The assets, liabilities and the operations of Fangguan Electronics subsequent to the Transaction date were included in the Company&#8217;s consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The purchase price was allocated to the fair value of the tangible and intangible assets acquired and liabilities assumed. The Company has estimated the fair value of the assets acquired and liabilities assumed as of the acquisition date and will adjust these estimates accordingly within the one year measurement period once the appraisal report is completed. The preliminary purchase price allocated to assets acquired and liabilities assumed as of the acquisition was as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 45pt; width: 80%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amounts</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; width: 86%"><font style="font: 10pt Times New Roman, Times, Serif">Cash</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">687,591</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Notes receivable</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">67,441</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accounts receivable</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,749,723</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accounts receivable from related parties</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,603</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventories</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,906,489</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Advances to suppliers</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">165,819</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Other receivables</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">61,900</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property, plant and equipment</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,630,997</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Intangible assets, net</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,516,173</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred tax assets</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">58,071</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Short-term bank loan</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,622,683</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accounts payable</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,715,537</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Advance from customers</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(23,654</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Due to related parties</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,288,886</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accrued expenses and other current liabilities</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(149,507</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Noncontrolling interest</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(90,540</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total consideration</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,000,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 5 &#8211; INVENTORIES</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventories are stated at the lower of cost (determined using the weighted average cost method) or net realizable value.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 5pt; width: 90%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Raw materials</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">691,779</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">105,879</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Work-in-process</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">797,802</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Finished goods</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,926,270</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">120,960</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total Inventories</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,415,851</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">226,839</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 6 &#8211; PROPERTY, PLANT AND EQUIPMENT</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The components of property, plant and equipment were as follows:</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 5pt; width: 90%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Buildings</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">4,264,801</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Machinery and equipment</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,274,837</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Office equipment</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33,906</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Automobiles</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">59,588</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Property, plant and equipment</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,633,132</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2018, buildings were pledged as collateral for bank loans (See Note 8).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 7 &#8211; INTANGIBLE ASSETS</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Intangible assets consist of the following:</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 5pt; width: 90%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Land use right</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">4,516,003</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Computer software</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">170</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Intangible assets</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,516,173</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fangguan Electronics acquired the land use right from the local government in August 2012 which expires on August 15, 2062. As of December 31, 2018, land use right was pledged as collateral for bank loans (See Note 8).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 8 &#8211; SHORT-TERM BANK LOAN </b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On November 12, 2018, Fangguan Electronics entered into a short-term loan agreement with Industrial Bank to borrow approximately US$2.6 million (RMB 18 million) for a year with annual interest rate of 5.27%. The borrowing was collateralized by the Company&#8217;s buildings and land use right. In addition, the borrowing was guaranteed by the Company&#8217;s shareholder and CEO of Fangguan Electronics, Mr. Jialin Liang, and his wife Ms. Dongjiao Su.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 9 - RELATED PARTY TRANSACTIONS AND BALANCES</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Manufacture &#8211; related party</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On September 1, 2016, the Company&#8217;s subsidiary, Baileqi Electronic, entered into a manufacturing agreement with Shenzhen Baileqi Science and Technology Co., Ltd. (&#8220;Shenzhen Baileqi S&#38;T&#8221;) to manufacture products. The owner of Shenzhen Baileqi S&#38;T is also a stockholder of the Company who owns approximately 1.5% of the Company&#8217;s outstanding common stock as of December 31, 2018.&#160; The manufacturing costs incurred with Shenzhen Baileqi S&#38;T was $0 and $271,186 for the six months ended December 31, 2018 and 2017, respectively, and the amount of $0 and $123,035 respectively were included in cost of revenue. The manufacturing costs incurred with Shenzhen Baileqi S&#38;T was $0 and $79,083 for the three months ended December 31, 2018 and 2017, respectively, and the amount of $0 and $78,868 respectively were included in cost of revenue.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Purchase from related party</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the six months ended December 31, 2018, the Company&#8217;s subsidiaries, Lisite Science and Baileqi Electronic, purchased $1,610,058 and $517,262 from Keenest and Shenzhen Baileqi S&#38;T which were owned by the Company&#8217;s stockholders who own approximately 2% and 1.5% respectively of the Company&#8217;s outstanding common stock as of December 31, 2018. The amount of $1,610,058 and $454,049 were included in the cost of revenue for the six months ended December 31, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the six months ended December 31, 2018, the Company&#8217;s subsidiary, Fangguan Photoelectric, purchased $1,498,744 from Fangguan Electronics before Fangguan Electronics became a variable interest entity of the Company as of December 27, 2018 (See Note 1 and Note 4). The president of Fangguan Electronics was the president and a member of the board of directors of Fangguan Photoelectric before he resigned and left Fangguan Photoelectric in October 2018. The amount of $1,130,052 was included in the cost of revenue for the six months ended December 31, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the six months ended December 31, 2017, Lisite Science and Baileqi Electronic purchased $391,804 and $410,976 from Keenest and Shenzhen Baileqi S&#38;T which were owned by the Company&#8217;s shareholders who own approximately 2% and 1.5% respectively of the Company&#8217;s outstanding common stock. The amount of $391,804 and $363,832 were included in the cost of revenue for the six months ended December 31, 2017.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the three months ended December 31, 2018, Lisite Science and Baileqi Electronic purchased $933,679 and $66,757 from Keenest and Shenzhen Baileqi S&#38;T which were owned by the Company&#8217;s stockholders who own approximately 2% and 1.5% respectively of the Company&#8217;s outstanding common stock as of December 31, 2018. The amount of $933,679 and $114,023 were included in the cost of revenue for the three months ended December 31, 2018.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the three months ended December 31, 2018, Fangguan Photoelectric purchased $706,462 from Fangguan Electronics before Fangguan Electronics became a variable interest entity of the Company as of December 27, 2018 (See Note 1 and Note 4). The president of Fangguan Electronics was the president and a member of the board of directors of Fangguan Photoelectric before he resigned and left Fangguan Photoelectric in October 2018. The amount of $366,646 was included in the cost of revenue for the three months ended December 31, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the three months ended December 31, 2017, Lisite Science and Baileqi Electronic purchased $328,159 and $236,511 from Keenest and Shenzhen Baileqi S&#38;T which were owned by the Company&#8217;s stockholders who own approximately 2% and 1.5% respectively of the Company&#8217;s outstanding common stock. The amount of $328,159 and $199,993 were included in the cost of revenue for the three months ended December 31, 2017.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Advances to suppliers - related parties</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Lisite Science made advances of $0 and $206,194 to Keenest for future purchases as of December 31, 2018 and June 30, 2018, respectively.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Accounts payable - related parties</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The trade balance payable to Fangguan Electronics was $0 and $248,543 as of December 31, 2018 and June 30, 2018, respectively. The trade balance payable to Keenest were $55,829 and $0 as of December 31, 2018 and June 30, 2018, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Sales to related party</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the three and six months ended December 31, 2018, Baileqi Electronic sold materials of $0 and $93,838 to Shenzhen Baileqi S&#38;T, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the three and six months ended December 31, 2018, Fangguan Photoelectric sold products of $22,059 to Fangguan Electronics.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Accounts receivable - related parties</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The sales-related balance receivable from Shenzhen Baileqi S&#38;T were $160,647 and $119,543 as of December 31, 2018 and June 30, 2018, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Due to related parties</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Due to related parties represents certain advances to the Company or its subsidiaries by related parties. The amounts are non-interest bearing, unsecured and due on demand.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Due to related parties consists of the following:</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, <br />2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, <br />2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Ben Wong&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1)</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">143,792</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">143,792</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Yubao Liu&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;(2)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">318,756</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">70,458</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Xin Sui&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (3)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,992</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,992</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Baozhen Deng&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,906</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,685</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Baozhu Deng&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,914</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Jialin Liang&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6)(10)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,767,264</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Xuemei Jiang&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7)(10)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">521,623</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Liang Zhang&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(8)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,887</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Zijian Yang&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,139</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,771,273</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">212,557</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(1) Ben Wong was the controlling shareholder of Shinning Glory until April 20, 2017, which holds majority shares in Ionix Technology, Inc.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(2) Yubao Liu is the controlling shareholder of Shinning Glory since April 20, 2017, which holds majority shares in Ionix Technology, Inc.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(3) Xin Sui is a member of the board of directors of Welly Surplus.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(4) Baozhen Deng is a stockholder of the Company, who owns approximately 1.5% of the Company&#8217;s outstanding common stock, and the owner of Shenzhen Baileqi S&#38;T.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(5) Baozhu Deng is a relative of Baozhen Deng, a stockholder of the Company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(6) Jialin Liang is the president, CEO, and director of Fangguan Electronics.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(7) Xuemei Jiang is the vice president and director of Fangguan Electronics.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(8) Liang Zhang is the legal representative of Shizhe New Energy.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(9) Zijian Yang is the General Manager of Shizhe New Energy.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(10) The liabilities were assumed from the acquisition of Fangguan Electronics.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the six months ended December 31, 2018, Yubao Liu advanced $248,298 to Well Best. Baileqi Electronic borrowed $2,914 from Baozhu Deng. In addition, Baozhen Deng refunded $7,591 to Baileqi Electronic. Liang Zhang and Zijian Yang advanced $5,887 and $5,139 to Shizhe New Energy, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the six months ended December 31, 2017, Welly Surplus paid $5,000 to Xin Sui for loan repayment. Baileqi Electronic paid $9,111 to Shenzhen Baileqi S&#38;T to reduce the loan balance. Lisite Science paid $122,820 to Changyong Yang for loan repayment. In addition, Yubao Liu advanced $29,998 to Well Best.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 10 &#8211; CONCENTRATION</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Major customers</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Customers who accounted for 10% or more of the Company&#8217;s revenues for the three and six months ended December 31, 2018 and 2017, respectively, and its outstanding balance of accounts receivable&#160;as of December 31, 2018 and 2017, respectively, are presented as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the six months ended <br />December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Customer A</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">1,472,404</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">31</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">417,851</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Customer B</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,917,298</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">40</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,389,702</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">417,851</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the six months ended <br />December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Customer A</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">293,260</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">26</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Customer B</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">174,278</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,400</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">467,538</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">41</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,400</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended <br />December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Customer A</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">733,511</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">33</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">417,851</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Customer B</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">358,983</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Customer C</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">888,875</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">39</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,981,369</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">88</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">417,851</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended <br />December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Customer A</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">293,260</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">39</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Customer B</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">173,883</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,400</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">467,143</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">62</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,400</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">All customers are located in the PRC.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Major suppliers</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The suppliers who accounted for 10% or more of the Company&#8217;s total purchases (materials and services) for the three and six months ended December 31, 2018 and 2017, respectively, and its outstanding balance of accounts payable as of December 31, 2018 and 2017, respectively, are presented as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the six months ended <br />December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Total Purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Supplier A &#8211; related party</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">1,610,058</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">36</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">55,829</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Supplier B &#8211; related party</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">517,262</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Supplier C &#8211; related party</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,498,744</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Supplier D</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">785,316</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">17</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,411,380</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">97</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">55,829</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the six months ended <br />December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Total Purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Supplier A &#8211; related party</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">391,804</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">33</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Supplier B &#8211; related party</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">682,162</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,040</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,073,966</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">90</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,040</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended <br />December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Total Purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Supplier A &#8211; related party</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">933,679</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">47</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">55,829</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Supplier B &#8211; related party</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">706,462</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Supplier C</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">248,609</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,888,750</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">96</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">55,829</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended <br />December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Total Purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Supplier A &#8211; related party</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">328,159</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">51</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Supplier B &#8211; related party</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">315,594</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">49</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,040</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">643,753</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,040</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">All suppliers of the Company are located in the PRC.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE 11 - INCOME TAXES</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company operates in various countries: United States of America, Hong Kong and the PRC that are subject to taxes in the jurisdictions in which they operate, as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>United States of America</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company is registered in the State of Nevada and is subject to the tax laws of United States of America.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has shown losses since inception.&#160; As a result, it has incurred no income tax. Under normal circumstances, the Internal Revenue Service is authorized to audit income tax returns during a three year period after the returns are filed.&#160; In unusual circumstances, the period may be longer.&#160; Tax returns for the year ended June 30, 2011 and after were still open to audit as of December 31, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company received a penalty assessment from the IRS in the amount of $10,000 for failure to provide information with respect to certain foreign owned US Corporations on Form 5472 - Information Return of a 25% Foreign Owned US Corporation for the tax period ended June 30, 2013. The Company disputed this claim and is working to reverse the penalty. The Company believes that the payment of this penalty is remote and did not accrue this liability as of December 31, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Hong Kong</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s subsidiaries in Hong Kong are subject to income tax rate of 16.5%. For the six months ended December 31, 2018 and 2017, there is no assessable income chargeable to profit tax in Hong Kong.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>The PRC</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s subsidiaries in China are subject to a unified income tax rate of 25%. Fanguguan Electronics was certified as high-tech enterprises for three years from November 2016 to November 2019 and is taxed at a unified income tax rate of 15%.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The reconciliation of income tax expense at the U.S. statutory rates of 21% and 35% to the Company&#8217;s effective tax rate is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">For the six months ended December 31,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">21%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">35%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Tax at U.S. statutory rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">64,310</font></td> <td style="width: 1%; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">3,109</font></td> <td style="width: 1%; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Tax rate difference between <br />foreign operations and U.S.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,739</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,222</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Change in valuation allowance</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,442</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,486</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Permanent difference</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,737</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Effective tax </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">122,228</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,373</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The provisions for income taxes are summarized as follows:</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">For the six months ended December 31,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Current</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">137,112</font></td> <td style="width: 1%; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">9,373</font></td> <td style="width: 1%; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Deferred</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(14,884</font></td> <td style="text-align: left; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$&#160;&#160;</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">122,228</font></td> <td style="text-align: right; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,373</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2018, the Company has approximately $558,000 net operating loss carryforwards available in the U.S. and Hong Kong to reduce future taxable income which will begin to expire from 2035. It is more likely than not that the deferred tax assets cannot be utilized in the future because there will not be significant future earnings from the entity which generated the net operating loss. Therefore, the Company recorded a full valuation allowance on its deferred tax assets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has not provided deferred taxes on unremitted earnings attributable to international companies that have been considered to be reinvested indefinitely. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the income tax liability that would be payable if such earnings were not indefinitely reinvested. In accordance with ASC Topic 740, interest associated with unrecognized tax benefits is classified as income tax and penalties are classified in selling, general and administrative expenses in the statements of comprehensive income (loss).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The extent of the Company&#8217;s operations involves dealing with uncertainties and judgments in the application of complex tax regulations in a multitude of jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state and international tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The U.S. Tax Cuts and Jobs Act (Tax Act) was enacted on December 22, 2017 and introduces significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively. The Tax Act requires the Company to pay U.S. income taxes on accumulated foreign subsidiary earnings not previously subject to U.S. income tax at a rate of 15.5% to the extent of foreign cash and certain other net current assets and 8% on the remaining earnings. Since the Company&#8217;s foreign subsidiaries have not generated accumulated earnings as of December 31, 2017, the Company believes that Tax Act will not have significant impact on the Company&#8217;s consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Basis of presentation</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of December 31, 2018 and the results of operations and cash flows for the periods ended December 31, 2018 and 2017. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and six months ended December 31, 2018 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending June 30, 2019 or for any subsequent periods. The balance sheet at June 30, 2018 has been derived from the audited financial statements at that date.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended June 30, 2018 as included in our Annual Report on Form 10-K as filed with the SEC on October 11, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Use of Estimates</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s financial statements have been prepared in accordance with US GAAP and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. The significant areas requiring the use of management estimates include, but are not limited to, the allowance for doubtful accounts receivable, provision for staff benefit, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. Although these estimates are based on management&#8217;s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates and such differences may be material to our consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Intangible assets</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Land use right is recorded as cost less accumulated amortization. Land use rights represent the prepayments for the use of the parcels of land in the PRC where the Company&#8217;s production facilities are located, and are charged to expense over their respective lease periods of 50 years. According to the laws of the PRC, the government owns all of the land in the PRC. Company or individuals are authorized to use the land only through land use rights granted by the PRC government for a certain period (usually 50 years).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Purchased intangible assets are recognized and measured at fair value upon acquisition. Intangible assets acquired separately and with finite useful lives are carried at costs less accumulated amortization and any accumulated impairment losses. Amortization for intangible assets with finite useful lives is provided on a straight-line basis over their estimated useful lives. Alternatively, intangible assets with indefinite useful lives are carried at cost less any subsequent accumulated impairment losses. The estimated useful lives of the intangible assets are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%"> <tr style="background-color: #cceeff; vertical-align: top"> <td style="text-align: justify; width: 50%"><font style="font: 10pt Times New Roman, Times, Serif">Land use right</font></td> <td style="text-align: right; width: 50%"><font style="font: 10pt Times New Roman, Times, Serif">50 years</font></td></tr> <tr style="background-color: white; vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Computer software</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;5 years</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Gains or losses arising from derecognition of the intangible asset are measured at the difference between the net disposal proceeds and the carrying amount of the assets and are recognized in the statement of comprehensive income (loss) when the asset is disposed.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Impairment of long-lived assets</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In accordance with the provisions of ASC Topic 360, &#8220;Impairment or Disposal of Long-Lived Assets&#8221;, all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Revenue recognition</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers, and all the related amendments (new revenue standard) to all contracts using the modified retrospective method beginning on July 1, 2018. The adoption will not result in an adjustment to the retained earnings as of June 30, 2018. The comparative information will not be restated and will continue to be reported under the accounting standards in effect for those periods. The adoption of the new revenue standard will have no impact on either reported sales to customers or net earnings. The Company will continue to recognize revenue from product sales as goods are shipped or delivered to the customer, as control of goods occurs at the same time.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The estimated useful life of the assets is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%"> <tr style="background-color: #cceeff; vertical-align: top"> <td style="text-align: justify; width: 50%"><font style="font: 10pt Times New Roman, Times, Serif">Buildings</font></td> <td style="text-align: right; width: 50%"><font style="font: 10pt Times New Roman, Times, Serif">10 &#8211; 20&#160;&#160;years</font></td></tr> <tr style="background-color: white; vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Machinery and equipment</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5 &#8211; 10&#160;&#160;years</font></td></tr> <tr style="background-color: #cceeff; vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Office equipment</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5 years</font></td></tr> <tr style="background-color: white; vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Automobiles</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5&#160;&#160;years</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The estimated useful lives of the intangible assets are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%"> <tr style="background-color: #cceeff; vertical-align: top"> <td style="text-align: justify; width: 50%"><font style="font: 10pt Times New Roman, Times, Serif">Land use right</font></td> <td style="text-align: right; width: 50%"><font style="font: 10pt Times New Roman, Times, Serif">50 years</font></td></tr> <tr style="background-color: white; vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Computer software</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;5 years</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Balance sheet items, except for equity accounts</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.8632</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.6166</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" style="text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended December 31,</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Items in statements of comprehensive income (loss) and<br />cash flows</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.7756</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.6404</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The preliminary purchase price allocated to assets acquired and liabilities assumed as of the acquisition was as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 45pt; width: 80%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amounts</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; width: 86%"><font style="font: 10pt Times New Roman, Times, Serif">Cash</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">687,591</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Notes receivable</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">67,441</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accounts receivable</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,749,723</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accounts receivable from related parties</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,603</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventories</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,906,489</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Advances to suppliers</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">165,819</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Other receivables</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">61,900</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property, plant and equipment</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,630,997</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Intangible assets, net</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,516,173</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred tax assets</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">58,071</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Short-term bank loan</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,622,683</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accounts payable</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,715,537</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Advance from customers</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(23,654</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Due to related parties</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,288,886</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accrued expenses and other current liabilities</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(149,507</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Noncontrolling interest</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(90,540</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total consideration</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,000,000</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventories are stated at the lower of cost (determined using the weighted average cost method) or net realizable value.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 5pt; width: 90%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Raw materials</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">691,779</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">105,879</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Work-in-process</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">797,802</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Finished goods</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,926,270</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">120,960</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total Inventories</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,415,851</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">226,839</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The components of property, plant and equipment were as follows:</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 5pt; width: 90%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Buildings</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">4,264,801</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Machinery and equipment</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,274,837</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Office equipment</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33,906</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Automobiles</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">59,588</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Property, plant and equipment</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,633,132</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td></tr> </table> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Intangible assets consist of the following:</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 5pt; width: 90%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Land use right</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">4,516,003</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Computer software</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">170</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Intangible assets</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,516,173</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Due to related parties consists of the following:</font></p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, <br />2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, <br />2018</b></font></td> <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Ben Wong&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1)</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">143,792</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">143,792</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Yubao Liu&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;(2)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">318,756</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">70,458</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Xin Sui&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (3)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,992</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,992</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Baozhen Deng&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,906</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,685</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Baozhu Deng&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,914</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Jialin Liang&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6)(10)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,767,264</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Xuemei Jiang&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7)(10)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">521,623</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Liang Zhang&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(8)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,887</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Zijian Yang&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,139</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,771,273</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">212,557</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(1) Ben Wong was the controlling shareholder of Shinning Glory until April 20, 2017, which holds majority shares in Ionix Technology, Inc.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(2) Yubao Liu is the controlling shareholder of Shinning Glory since April 20, 2017, which holds majority shares in Ionix Technology, Inc.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(3) Xin Sui is a member of the board of directors of Welly Surplus.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(4) Baozhen Deng is a stockholder of the Company, who owns approximately 1.5% of the Company&#8217;s outstanding common stock, and the owner of Shenzhen Baileqi S&#38;T.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(5) Baozhu Deng is a relative of Baozhen Deng, a stockholder of the Company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(6) Jialin Liang is the president, CEO, and director of Fangguan Electronics.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(7) Xuemei Jiang is the vice president and director of Fangguan Electronics.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(8) Liang Zhang is the legal representative of Shizhe New Energy.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(9) Zijian Yang is the General Manager of Shizhe New Energy.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(10) The liabilities were assumed from the acquisition of Fangguan Electronics.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The reconciliation of income tax expense at the U.S. statutory rates of 21% and 35% to the Company&#8217;s effective tax rate is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">For the six months ended December 31,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">21%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">35%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Tax at U.S. statutory rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">64,310</font></td> <td style="width: 1%; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">3,109</font></td> <td style="width: 1%; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Tax rate difference between <br />foreign operations and U.S.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,739</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,222</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Change in valuation allowance</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,442</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,486</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Permanent difference</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,737</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Effective tax </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">122,228</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,373</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The provisions for income taxes are summarized as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">For the six months ended December 31,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Current</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">137,112</font></td> <td style="width: 1%; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">9,373</font></td> <td style="width: 1%; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Deferred</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(14,884</font></td> <td style="text-align: left; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$&#160;&#160;</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">122,228</font></td> <td style="text-align: right; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,373</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Major customers</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Customers who accounted for 10% or more of the Company&#8217;s revenues for the three and six months ended December 31, 2018 and 2017, respectively, and its outstanding balance of accounts receivable&#160;as of December 31, 2018 and 2017, respectively, are presented as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the six months ended <br />December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Customer A</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">1,472,404</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">31</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">417,851</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Customer B</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,917,298</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">40</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,389,702</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">417,851</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the six months ended <br />December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Customer A</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">293,260</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">26</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Customer B</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">174,278</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,400</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">467,538</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">41</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,400</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended <br />December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Customer A</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">733,511</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">33</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">417,851</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Customer B</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">358,983</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Customer C</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">888,875</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">39</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,981,369</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">88</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">417,851</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended <br />December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;receivable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Customer A</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">293,260</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">39</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Customer B</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">173,883</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,400</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">467,143</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">62</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,400</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Major suppliers</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The suppliers who accounted for 10% or more of the Company&#8217;s total purchases (materials and services) for the three and six months ended December 31, 2018 and 2017, respectively, and its outstanding balance of accounts payable as of December 31, 2018 and 2017, respectively, are presented as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the six months ended <br />December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Total Purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Supplier A &#8211; related party</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">1,610,058</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">36</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">55,829</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Supplier B &#8211; related party</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">517,262</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Supplier C &#8211; related party</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,498,744</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Supplier D</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">785,316</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">17</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,411,380</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">97</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">55,829</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the six months ended <br />December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Total Purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Supplier A &#8211; related party</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">391,804</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">33</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Supplier B &#8211; related party</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">682,162</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,040</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,073,966</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">90</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,040</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended <br />December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2018</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Total Purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Supplier A &#8211; related party</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">933,679</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">47</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">55,829</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Supplier B &#8211; related party</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">706,462</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Supplier C</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">248,609</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,888,750</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">96</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">55,829</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended <br />December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">As of December 31, 2017</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Total Purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage <br />of total<br />purchase</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Accounts<br />payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; vertical-align: middle"><font style="font: 10pt Times New Roman, Times, Serif">Percentage of <br />total<br />&#160;accounts<br />&#160;payable</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 40%"><font style="font: 10pt Times New Roman, Times, Serif">Supplier A &#8211; related party</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">328,159</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">51</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; width: 12%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Supplier B &#8211; related party</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">315,594</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">49</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,040</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">643,753</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,040</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Basis of consolidation</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The consolidated financial statements&#160;include the accounts of Ionix, its wholly owned subsidiaries and an entity which the Company controls 95.14% through VIE agreements. All significant inter-company balances and transactions have been eliminated upon consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Recent accounting pronouncements</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; word-spacing: 0px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">From time to time, new accounting pronouncements are issues by the Financial Accounting Standards Board or other standard bodies that may have an impact on the Company&#8217;s accounting and reporting. The Company believes that any recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Property, plant and equipment</u></i></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property, plant and equipment are recorded at cost less accumulated depreciation and any impairment. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and location for its intended use. Repairs and maintenance costs are normally expensed as incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of the asset, the expenditure is capitalized as an additional cost of the asset.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the statement of comprehensive income (loss) in the reporting period of disposition.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation is calculated on a straight-line basis over the estimated useful life of the assets after taking into account their respective estimated residual value. The estimated useful life of the assets is as follows:</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Buildings&#9;10 &#8211; 20 years</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Machinery and equipment&#9; 5 &#8211; 10 years</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Office equipment&#9; 5&#9; years</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Automobiles&#9; &#9; 5 years</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Foreign currencies translation</u></i></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of comprehensive income (loss).</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The reporting currency of the Company is the United States Dollar (&#8220;US$&#8221;). The Company&#8217;s subsidiaries in the People&#8217;s Republic of China (&#8220;PRC&#8221;) maintain their books and records in their local currency, the Renminbi Yuan (&#8220;RMB&#8221;), which is the functional currency as being the primary currency of the economic environment in which these entities operate.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, &#8220;Translation of Financial Statement&#8221;, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. Stockholders&#8217; equity is translated at historical rates. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders&#8217; equity.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements are as follows:</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2018</b></font></td></tr> <tr> <td style="vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 57%"><font style="font: 10pt Times New Roman, Times, Serif">Balance sheet items, except for equity accounts</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 16%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">6.8632</font></td> <td style="width: 1%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 21%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">6.6166</font></td> <td style="width: 1%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="5" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended December 31,</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Items in statements of comprehensive income (loss) and cash flows</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">6.7756</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">6.6404</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> Ben Wong was the controlling shareholder of Shinning Glory until April 20, 2017, which holds majority shares in Ionix Technology, Inc. Yubao Liu is the controlling shareholder of Shinning Glory since April 20, 2017, which holds majority shares in Ionix Technology, Inc. Xin Sui is a member of the board of directors of Welly Surplus. Baozhen Deng is a stockholder of the Company, who owns approximately 1.5% of the Company's outstanding common stock, and the owner of Shenzhen Baileqi S&T. Baozhu Deng is a relative of Baozhen Deng, a stockholder of the Company. Jialin Liang is the president, CEO, and director of Fangguan Electronics. Xuemei Jiang is the vice president and director of Fangguan Electronics. Liang Zhang is the legal representative of Shizhe New Energy. Zijian Yang is the General Manager of Shizhe New Energy. The liabilities were assumed from the acquisition of Fangguan Electronics. EX-101.SCH 7 iinx-20181231.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - CONSOLIDATED BALANCE SHEETS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - NATURE OF OPERATIONS link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - GOING CONCERN link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - ACQUISITION link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - INVENTORIES link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - PROPERTY, PLANT AND EQUIPMENT link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - INTANGIBLE ASSETS link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - SHORT-TERM BANK LOAN link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - RELATED PARTY TRANSACTIONS AND BALANCES link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - CONCENTRATION link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - INCOME TAXES link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - ACQUISITION (Tables) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - INVENTORIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - PROPERTY, PLANT AND EQUIPMENT (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - INTANGIBLE ASSETS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - RELATED PARTY TRANSACTIONS AND BALANCES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - CONCENTRATION (Tables) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - INCOME TAXES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - NATURE OF OPERATIONS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - GOING CONCERN (Details) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - ACQUISITION (Details) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - ACQUISITION (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - INVENTORIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - PROPERTY, PLANT AND EQUIPMENT (Details) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - INTANGIBLE ASSETS (Details) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - SHORT-TERM BANK LOAN (Details) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - RELATED PARTY TRANSACTIONS AND BALANCES (Details) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - CONCENTRATION (Details) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - INCOME TAXES (Details) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - INCOME TAXES (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - INCOME TAXES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 iinx-20181231_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 iinx-20181231_def.xml XBRL DEFINITION FILE EX-101.LAB 10 iinx-20181231_lab.xml XBRL LABEL FILE Class of Stock [Axis] Common Stock [Member] Preferred Stock [Member] Product and Service [Axis] Non-Related Parties [Member] Related parties [Member] Business Acquisition [Axis] Fangguan Electronics [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Share Purchase Agreement [Member] Property, Plant and Equipment, Type [Axis] Building [Member] Machinery and Equipment [Member] Office Equipment [Member] Automobiles [Member] Finite-Lived Intangible Assets by Major Class [Axis] Computer Software [Member] Land Use Rights [Member] Related Party [Axis] Changchun Fangguan Electronic Science and Technology Co., Ltd [Member] Short Term Loan Agreement [Member] Lender Name [Axis] Industrial Bank [Member] Currency [Axis] RMB Ben Wong [Member] Yubao Liu [Member] Xin Sui [Member] Baozhen Deng [Member] Baozhu Deng [Member] Jialin Liang [Member] Xuemei Jiang [Member] Liang Zhang [Member] Zijian Yang [Member] Legal Entity [Axis] Baileqi Electronic [Member] Well Best [Member] Shenzhen Baileqi S&T [Member] Keenest [Member] Welly Surplus [Member] Changyong Yang [Member] Lisite Science [Member] Concentration Risk Benchmark [Axis] Accounts Receivable [Member] Customer [Axis] Customer B [Member] Customer A [Member] Revenue [Member] Customer C [Member] Accounts Payable [Member] Supply Commitment [Axis] Supplier A [Member] Supplier B [Member] Supplier C [Member] Supplier D [Member] Purchases [Member] Income Tax Authority [Axis] CHINA UNITED STATES Income Tax Authority, Name [Axis] Inland Revenue, Hong Kong [Member] Fangguan Electronics Two Share Holders [Member] Range [Axis] Minimum [Member] Maximum [Member] Balance Sheet Location [Axis] Balance Sheet [Member] Income Statement Location [Axis] Income and Cash Flow [Member] Consolidated Entities [Axis] Lisite Science Technology (Shenzhen) Co., Ltd [Member] Keenest And Shenzhen Baileqi S&T [Member] Shenzhen Baileqi Electronic Technology Co., Ltd. [Member] Changchun Fangguan Photoelectric Display Technology Co., Ltd. [Member] Changchun Fangguan Electronics Technology Co., Ltd. [Member] Dalian Shizhe New Energy Technology Co., Ltd. [Member] Statement [Table] Statement [Line Items] Entity Registrant Name Entity Central Index Key Document Type Trading Symbol Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Small Business Entity Emerging Growth Company Entity Ex Transition Period Entity's Reporting Status Current Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current Assets: Cash Notes receivable Accounts receivable - non-related parties Accounts receivable - related parties Inventory, net Advances to suppliers - non-related parties Advances to suppliers - related parties Prepaid expenses and other current assets Total Current Assets Property, plant and equipment Intangible assets Deferred tax assets Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Short-term bank loan Accounts payable - non-related parties Accounts payable - related parties Advance from customers Due to related parties Accrued expenses and other current liabilities Total Current Liabilities Deferred tax liability Total Liabilities COMMITMENT AND CONTINGENCIES Stockholders' Equity: Preferred stock, $.0001 par value, 5,000,000 shares authorized, 5,000,000 shares issued and outstanding Common stock, $.0001 par value 195,000,000 shares authorized, 114,003,000 and 99,003,000 shares issued and outstanding as of December 31, 2018 and June 30, 2018, respectively Additional paid in capital Retained earnings Accumulated other comprehensive income (loss) Total Stockholders' Equity attributable to the Company Noncontrolling interest Total Stockholders' Equity Total Liabilities and Stockholders' Equity Preferred stock, par value (in dollars per share) Preferred stock, authorized shares Preferred stock, issued Preferred stock, outstanding Common stock, par value (in dollars per share) Common stock, authorized shares Common stock, issued Common stock, outstanding Total Revenues Total Cost of Revenues Gross profit Operating expenses Selling, general and administrative expense Total operating expenses Income from operations Other income Income before income tax provision Income tax provision Net income (loss) Other comprehensive income (loss) Foreign currency translation adjustment Comprehensive income (loss) Income (Loss) Per Share - Basic and Diluted (in dollars per share) Weighted average number of common shares outstanding - Basic and Diluted (in shares) Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) Adjustments required to reconcile net income (loss) to net cash used in operating activities: Deferred taxes Changes in operating assets and liabilities: Accounts receivable - non related parties Accounts receivable - related parties Inventory Advances to suppliers - non-related parties Advances to suppliers - related parties Prepaid expenses Accounts payable - non-related parties Accounts payable - related parties Advance from customers Accrued expenses and other current liabilities Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Other receivables Cash received from acquisition Net cash provided by investing activities CASH FLOWS FROM FINANCING ACTIVITIES Notes receivable Acquisition of office equipment Proceeds from (repayment of) loans from related parties Net cash provided by (used in) financing activities Effect of exchange rate changes on cash Net increase (decrease) in cash Cash, beginning of period Cash, end of period Supplemental disclosure of cash flow information: Cash paid for income tax Cash paid for interests Non-cash investing activities Issuance of 15,000,000 shares of common stock in exchange for 95.14% ownership rights of a variable interest entity Number of shares issued Ownership rights of a variable interest entity Organization, Consolidation and Presentation of Financial Statements [Abstract] NATURE OF OPERATIONS Going Concern GOING CONCERN Accounting Policies [Abstract] BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Combinations [Abstract] ACQUISITION Inventory Disclosure [Abstract] INVENTORIES Property, Plant and Equipment [Abstract] PROPERTY, PLANT AND EQUIPMENT Goodwill and Intangible Assets Disclosure [Abstract] INTANGIBLE ASSETS Short-term Bank Loan SHORT-TERM BANK LOAN Related Party Transactions [Abstract] RELATED PARTY TRANSACTIONS AND BALANCES Risks and Uncertainties [Abstract] CONCENTRATION Income Tax Disclosure [Abstract] INCOME TAXES Subsequent Events [Abstract] SUBSEQUENT EVENTS Basis of presentation Basis of consolidation Use of Estimates Property, plant and equipment Intangible assets Impairment of long-lived assets Revenue recognition Foreign currencies translation Recent accounting pronouncements Schedule of estimated useful life of the assets Schedule of estimated useful lives of the intangible assets Schedule of exchange rates Schedule of purchase price allocated Schedule of inventories Schedule of property, plant and equipment Schedule of intangible assets Schedule of due to related parties Schedule of concentration risk Schedule of major suppliers Schedule of reconciliation of income tax expense Schedule of provisions for income taxes Percentage of voting interests acquired Number of shares issue Number of shares issue, par value (in dollars per share) Description of ownership right acquire Working capital deficiency Estimated useful life of tangible assets Estimated useful life of intangible assets Exchange rate Cash Notes receivable Accounts receivable Accounts receivable from related parties Inventories Advances to suppliers Other receivables Property, plant and equipment Intangible assets, net Deferred tax assets Short-term bank loan Accounts payable Advance from customers Due to related parties Accrued expenses and other current liabilities Noncontrolling interest Total consideration Raw materials Work-in-process Finished goods Total Inventories Borrowed amount Interest rate Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Ownership percentage Due to related parties Purchases from related party Cost of revenue - purchases related party Manufacturing costs Cost of revenue - manufacturing related party Advances from related parties Proceeds from sale of business Revenue from related party Related party borrowed Revenues Accounts receivables Total Purchase Accounts payable Concentration risk percentage Tax at U.S. statutory rate Tax rate difference between foreign operations and U.S. Change in valuation allowance Permanent difference Effective tax Current Deferred Penalty assessment Statutory rate Revised statutory rate Operating loss carryforwards Expiration year Description of income tax rate on foreign subsidiary Foreign income tax rate Unified income tax rate Amount related to advances to suppliers - related parties. The member represent non related parties. The member represent related parties. It represents value of advances to suppliers - related parties. Amount represents value of cash outflow in notes receivable by entity. Amount represents value of cash outflow in acquisition of office equipment. Tabular disclosure is about estimated useful life of the assets. Tabular disclosure of estimated useful lives of the intangible assets. The amount represents working capital deficiency. The member represent related parties. The member represent share purchase agreement Amount due from note receivable. Amount refers to the account receivable from related parties. The amount of business combination recognized identifiable assets acquired and liabilities assumed advance to affilite. The amount of business combination recognized identifiable assets and liabilities assemed current liabilities short term bank loan. Amount refers to the advance from customers. Amount of due to related parties. Amount of noncontrolling interest. Represents Fangguan Electronics Co Ltd. Represents short term loam agreement. Represents industrial bank as lender. Represents interest rate. Information related to Ben Wong. Information related to Yubao Liu. Information related to Xin Sui. Information related to Baozhen Deng. Information related to Changchun Fangguan Electronic Science and Technology Co., Ltd Its represent jialin liang. The member represent related parties. The member represent related parties. The member represent related parties. Information related to Baileqi Electronic. Information related to Well Best. Information related to Shenzhen Baileqi S and T. Information related to Keenest. Information by business combination or series of individually immaterial business combinations. Information related to Changyong Yang. Information related to Lisite Science. It represents value of purchases related party included in cost of revenue. It represents value of manufacturing related party included in cost of revenue. The amount of related party borrowed. Information related to customer two. Information related to customer one. Information related to customer one. Information related to supplier one. Information related to supplier two. Information related to supplier three. Information related to supplier four. Information related to purchases. Operating loss carryforward, year of expiration, in CCYY format. Information related to changes in U.S. income taxes on accumulated foreign subsidiary earnings. Percentage of unified income tax rate. The member represent related parties. Information by location on balance sheet (statement of financial position). Information by location in the income statement. The member represent related parties. Entity owned or controlled by another entity. Entity owned or controlled by another entity. The member represent related parties. Entity owned or controlled by another entity. Entity owned or controlled by another entity. Represents information related to ownership. Assets, Current Assets Liabilities, Current Liabilities Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent Increase (Decrease) in Due from Other Related Parties, Current Increase (Decrease) in Accounts Receivable, Related Parties Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Supplies Shenzhen Baileqi S&amp;amp;amp;amp;amp;amp;T [Member] Increase (Decrease) in Prepaid Expense Increase (Decrease) in Accounts Payable Increase (Decrease) in Accounts Payable, Related Parties Increase (Decrease) in Customer Advances Increase (Decrease) in Accrued Liabilities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Other Receivables Net Cash Provided by (Used in) Investing Activities PaymentsToNotesReceivable PaymentsToAcquisitionOfOfficeEquipment Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Property, Plant and Equipment, Policy [Policy Text Block] Goodwill and Intangible Assets, Policy [Policy Text Block] Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsNotesReceivable Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesShortTermBankLoan Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAdvanceFromCustomers BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDueToRelatedParties Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesNoncontrollingInterest Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Due to Related Parties EX-101.PRE 11 iinx-20181231_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
 6 Months Ended
Dec. 31, 2018
Feb. 11, 2019
Entity Registrant Name IONIX TECHNOLOGY, INC.  
Entity Central Index Key 0001528308  
Document Type 10-Q  
Trading Symbol IINX  
Document Period End Date Dec. 31, 2018  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Entity's Reporting Status Current Yes  
Entity Filer Category Non-accelerated Filer  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2019  
Common Stock [Member]    
Entity Common Stock, Shares Outstanding   114,003,000
Preferred Stock [Member]    
Entity Common Stock, Shares Outstanding   5,000,000
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Dec. 31, 2018
Jun. 30, 2018
Current Assets:    
Cash $ 824,874 $ 111,462
Notes receivable 96,581
Accounts receivable - non-related parties 3,220,848 636,413
Accounts receivable - related parties 160,647 119,543
Inventory, net 3,415,851 226,839
Advances to suppliers - non-related parties 168,519 3,164
Advances to suppliers - related parties 206,194
Prepaid expenses and other current assets 78,047 20,592
Total Current Assets 7,965,367 1,324,207
Property, plant and equipment 6,633,132
Intangible assets 4,516,173
Deferred tax assets 58,071
Total Assets 19,172,743 1,324,207
Current Liabilities:    
Short-term bank loan 2,622,683  
Accounts payable - non-related parties 3,715,537 264,171
Accounts payable - related parties 55,829 248,543
Advance from customers 63,468 59,546
Due to related parties [1] 6,771,273 212,557
Accrued expenses and other current liabilities 298,952 125,733
Total Current Liabilities 13,527,742 910,550
Deferred tax liability 15,242
Total Liabilities 13,527,742 925,792
COMMITMENT AND CONTINGENCIES
Stockholders' Equity:    
Preferred stock, $.0001 par value, 5,000,000 shares authorized, 5,000,000 shares issued and outstanding 500 500
Common stock, $.0001 par value 195,000,000 shares authorized, 114,003,000 and 99,003,000 shares issued and outstanding as of December 31, 2018 and June 30, 2018, respectively 11,400 9,900
Additional paid in capital 5,235,746 237,246
Retained earnings 326,826 142,819
Accumulated other comprehensive income (loss) (20,011) 7,950
Total Stockholders' Equity attributable to the Company 5,554,461 398,415
Noncontrolling interest 90,540
Total Stockholders' Equity 5,645,001 398,415
Total Liabilities and Stockholders' Equity $ 19,172,743 $ 1,324,207
[1] The liabilities were assumed from the acquisition of Fangguan Electronics.
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
Dec. 31, 2018
Jun. 30, 2018
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized shares 5,000,000 5,000,000
Preferred stock, issued 5,000,000 5,000,000
Preferred stock, outstanding 5,000,000 5,000,000
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized shares 195,000,000 195,000,000
Common stock, issued 114,003,000 99,003,000
Common stock, outstanding 114,003,000 99,003,000
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Total Revenues $ 2,251,548 $ 750,944 $ 4,820,436 $ 1,132,485
Total Cost of Revenues 1,956,260 671,991 4,235,983 992,574
Gross profit 295,288 78,953 584,453 139,911
Operating expenses        
Selling, general and administrative expense 232,917 61,475 295,906 131,028
Total operating expenses 232,917 61,475 295,906 131,028
Income from operations 62,371 17,478 288,547 8,883
Other income 16,285 17,688
Income before income tax provision 78,656 17,478 306,235 8,883
Income tax provision 71,802 7,764 122,228 9,373
Net income (loss) 6,854 9,714 184,007 (490)
Other comprehensive income (loss)        
Foreign currency translation adjustment (20,039) 4,931 (27,961) 8,619
Comprehensive income (loss) $ (13,185) $ 14,645 $ 156,046 $ 8,129
Income (Loss) Per Share - Basic and Diluted (in dollars per share) $ 0.00 $ 0.00 $ 0.00 $ (0.00)
Weighted average number of common shares outstanding - Basic and Diluted (in shares) 99,655,174 99,003,000 99,329,087 99,003,000
Non-Related Parties [Member]        
Total Revenues $ 2,229,489 $ 750,944 $ 4,704,539 $ 1,132,485
Total Cost of Revenues 541,912 64,971 1,041,824 113,903
Related parties [Member]        
Total Revenues 22,059 115,897
Total Cost of Revenues $ 1,414,348 $ 607,020 $ 3,194,159 $ 878,671
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 184,007 $ (490)
Adjustments required to reconcile net income (loss) to net cash used in operating activities:    
Deferred taxes (14,884)
Changes in operating assets and liabilities:    
Accounts receivable - non related parties 144,264 214,351
Accounts receivable - related parties (45,987)
Inventory (294,434) (197,363)
Advances to suppliers - non-related parties 355 120,004
Advances to suppliers - related parties 201,357 (89,483)
Prepaid expenses 3,925 (11,277)
Accounts payable - non-related parties (257,973) 12,272
Accounts payable - related parties (138,955) (117,978)
Advance from customers (17,820) (39,455)
Accrued expenses and other current liabilities 27,524 (49,342)
Net cash used in operating activities (208,621) (158,761)
CASH FLOWS FROM INVESTING ACTIVITIES    
Other receivables 148,947
Cash received from acquisition 687,591
Net cash provided by investing activities 687,591 148,947
CASH FLOWS FROM FINANCING ACTIVITIES    
Notes receivable (29,518)
Acquisition of office equipment (2,163)
Proceeds from (repayment of) loans from related parties 269,974 (109,413)
Net cash provided by (used in) financing activities 238,293 (109,413)
Effect of exchange rate changes on cash (3,851) 3,727
Net increase (decrease) in cash 713,412 (115,500)
Cash, beginning of period 111,462 186,767
Cash, end of period 824,874 71,267
Supplemental disclosure of cash flow information:    
Cash paid for income tax 141,749 5,163
Cash paid for interests
Non-cash investing activities    
Issuance of 15,000,000 shares of common stock in exchange for 95.14% ownership rights of a variable interest entity $ 5,000,000
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - shares
 6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Statement of Cash Flows [Abstract]    
Number of shares issued 15,000,000
Ownership rights of a variable interest entity 95.14%
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
NATURE OF OPERATIONS
 6 Months Ended
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF OPERATIONS

NOTE 1 - NATURE OF OPERATIONS

 

Ionix Technology, Inc. (the “Company” or “Ionix”) is a Nevada corporation that was formed on March 11, 2011. By and through its wholly owned subsidiaries and an entity controlled through VIE agreements in China, the Company sells the high-end intelligent electronic equipment, which includes portable power banks for electronic devices and LCD screens in China.

 

Acquisition

 

On December 27, 2018, Ionix Technology, Inc. (the “Company”) entered into a Share Purchase Agreement (the “Purchase Agreement”) with Jialin Liang and Xuemei Jiang, each of whom are shareholders (the “Shareholders”) of Changchun Fangguan Electronics Technology Co., Ltd. (“Fangguan Electronics”). Pursuant to the terms of the Purchase Agreement, the Shareholders, who together own 95.14% of the ownership rights in Fangguan Electronics, agreed to execute and deliver the Business Operation Agreement dated December 27, 2018, the Equity Interest Pledge Agreement dated December 27, 2018, the Equity Interest Purchase Agreement dated December 27, 2018, the Exclusive Technical Support Service Agreement dated December 27, 2018 (the “Services Agreement”) and the Power of Attorney dated December 27, 2018, all together are referred to the “VIE Transaction Documents”, to the Company in exchange for the issuance of an aggregate of 15,000,000 shares of the Company’s common stock, par value $.0001 per share (the “Common Stock”), thereby causing Fangguan Electronics to become the Company’s variable interest entity. The entirety of the transaction will hereafter be referred to as the “Transaction”. As a result of the Transaction, the Company are able to exert effective control over Fangguan Electronics and receive 100% of the net profits or net losses derived from the business operations of Fangguan Electronics. Fangguan Electronics manufactures and sells LCD screens in China based in Changchun City, Jilin Province, People’s Republic of China. (See Note 4).

 

The Transaction was accounted for as a business combination using the acquisition method of accounting. The assets, liabilities and the operations of Fangguan Electronics subsequent to the Transaction date were included in the Company’s consolidated financial statements.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOING CONCERN
 6 Months Ended
Dec. 31, 2018
Going Concern  
GOING CONCERN

NOTE 2 - GOING CONCERN

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company had a working capital deficiency of $5,562,375 at December 31, 2018 and did not generate cash from operations for the six months ended December 31, 2018 and 2017. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

The Company plans to rely on the proceeds from loans from both unrelated and related parties to provide the resources necessary to fund the development of the business plan and operations. However, no assurance can be given that the Company will be successful in raising additional capital.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of December 31, 2018 and the results of operations and cash flows for the periods ended December 31, 2018 and 2017. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and six months ended December 31, 2018 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending June 30, 2019 or for any subsequent periods. The balance sheet at June 30, 2018 has been derived from the audited financial statements at that date.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended June 30, 2018 as included in our Annual Report on Form 10-K as filed with the SEC on October 11, 2018.

 

Basis of consolidation

 

The consolidated financial statements include the accounts of Ionix, its wholly owned subsidiaries and an entity which the Company controls 95.14% through VIE agreements. All significant inter-company balances and transactions have been eliminated upon consolidation.

 

Use of Estimates

 

The Company’s financial statements have been prepared in accordance with US GAAP and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. The significant areas requiring the use of management estimates include, but are not limited to, the allowance for doubtful accounts receivable, provision for staff benefit, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates and such differences may be material to our consolidated financial statements.

 

Property, plant and equipment

 

Property, plant and equipment are recorded at cost less accumulated depreciation and any impairment. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and location for its intended use. Repairs and maintenance costs are normally expensed as incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of the asset, the expenditure is capitalized as an additional cost of the asset.

 

When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the statement of comprehensive income (loss) in the reporting period of disposition.

 

Depreciation is calculated on a straight-line basis over the estimated useful life of the assets after taking into account their respective estimated residual value. The estimated useful life of the assets is as follows:

 

Buildings 10 – 20  years
Machinery and equipment 5 – 10  years
Office equipment 5 years
Automobiles 5  years

 

Intangible assets

 

Land use right is recorded as cost less accumulated amortization. Land use rights represent the prepayments for the use of the parcels of land in the PRC where the Company’s production facilities are located, and are charged to expense over their respective lease periods of 50 years. According to the laws of the PRC, the government owns all of the land in the PRC. Company or individuals are authorized to use the land only through land use rights granted by the PRC government for a certain period (usually 50 years).

 

Purchased intangible assets are recognized and measured at fair value upon acquisition. Intangible assets acquired separately and with finite useful lives are carried at costs less accumulated amortization and any accumulated impairment losses. Amortization for intangible assets with finite useful lives is provided on a straight-line basis over their estimated useful lives. Alternatively, intangible assets with indefinite useful lives are carried at cost less any subsequent accumulated impairment losses. The estimated useful lives of the intangible assets are as follows:

 

Land use right 50 years
Computer software   5 years

 

Gains or losses arising from derecognition of the intangible asset are measured at the difference between the net disposal proceeds and the carrying amount of the assets and are recognized in the statement of comprehensive income (loss) when the asset is disposed.

 

Impairment of long-lived assets

 

In accordance with the provisions of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.

 

Revenue recognition

 

The Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers, and all the related amendments (new revenue standard) to all contracts using the modified retrospective method beginning on July 1, 2018. The adoption will not result in an adjustment to the retained earnings as of June 30, 2018. The comparative information will not be restated and will continue to be reported under the accounting standards in effect for those periods. The adoption of the new revenue standard will have no impact on either reported sales to customers or net earnings. The Company will continue to recognize revenue from product sales as goods are shipped or delivered to the customer, as control of goods occurs at the same time.

 

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of comprehensive income (loss).

 

The reporting currency of the Company is the United States Dollar (“US$”). The Company’s subsidiaries in the People’s Republic of China (“PRC”) maintain their books and records in their local currency, the Renminbi Yuan (“RMB”), which is the functional currency as being the primary currency of the economic environment in which these entities operate.

 

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. Stockholders’ equity is translated at historical rates. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders’ equity.

 

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements are as follows:

 

    December 31, 2018     June 30, 2018  
                 
Balance sheet items, except for equity accounts     6.8632       6.6166  

 

    Six Months Ended December 31,  
    2018     2017  
                 
Items in statements of comprehensive income (loss) and
cash flows		     6.7756       6.6404  

 

Recent accounting pronouncements

 

From time to time, new accounting pronouncements are issues by the Financial Accounting Standards Board or other standard bodies that may have an impact on the Company’s accounting and reporting. The Company believes that any recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACQUISITION
 6 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
ACQUISITION

NOTE 4 – ACQUISITION

 

On December 27, 2018, the Company entered into VIE agreements with two shareholders of Fangguan Electronics to control 95.14% of the ownership rights and receive 100% of the net profit or net losses derived from the business operations of Fangguan Electronis. In exchange for VIE agreements, the Company issued 15 million shares of common stock to two shareholders of Frnagguan Electronics. (See Note 1)

 

The Transaction was accounted for as a business combination using the acquisition method of accounting. The assets, liabilities and the operations of Fangguan Electronics subsequent to the Transaction date were included in the Company’s consolidated financial statements.

 

The purchase price was allocated to the fair value of the tangible and intangible assets acquired and liabilities assumed. The Company has estimated the fair value of the assets acquired and liabilities assumed as of the acquisition date and will adjust these estimates accordingly within the one year measurement period once the appraisal report is completed. The preliminary purchase price allocated to assets acquired and liabilities assumed as of the acquisition was as follows:

 

    Amounts  
       
Cash   $ 687,591  
Notes receivable     67,441  
Accounts receivable     2,749,723  
Accounts receivable from related parties     46,603  
Inventories     2,906,489  
Advances to suppliers     165,819  
Other receivables     61,900  
Property, plant and equipment     6,630,997  
Intangible assets, net     4,516,173  
Deferred tax assets     58,071  
Short-term bank loan     (2,622,683 )
Accounts payable     (3,715,537 )
Advance from customers     (23,654 )
Due to related parties     (6,288,886 )
Accrued expenses and other current liabilities     (149,507 )
Noncontrolling interest     (90,540 )
Total consideration   $ 5,000,000  
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES
 6 Months Ended
Dec. 31, 2018
Inventory Disclosure [Abstract]  
INVENTORIES

NOTE 5 – INVENTORIES

 

Inventories are stated at the lower of cost (determined using the weighted average cost method) or net realizable value.

 

    December 31, 2018     June 30, 2018  
Raw materials   $ 691,779     $ 105,879  
Work-in-process     797,802       -  
Finished goods     1,926,270       120,960  
Total Inventories   $ 3,415,851     $ 226,839  
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY, PLANT AND EQUIPMENT
 6 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT

 

The components of property, plant and equipment were as follows:

    December 31, 2018     June 30, 2018  
Buildings   $ 4,264,801     $ -  
Machinery and equipment     2,274,837       -  
Office equipment     33,906       -  
Automobiles     59,588       -  
Property, plant and equipment   $ 6,633,132     $ -  

 

As of December 31, 2018, buildings were pledged as collateral for bank loans (See Note 8).
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
INTANGIBLE ASSETS
 6 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 7 – INTANGIBLE ASSETS

 

Intangible assets consist of the following:

    December 31, 2018     June 30, 2018  
Land use right   $ 4,516,003     $ -  
Computer software     170       -  
Intangible assets   $ 4,516,173     $ -  

 

Fangguan Electronics acquired the land use right from the local government in August 2012 which expires on August 15, 2062. As of December 31, 2018, land use right was pledged as collateral for bank loans (See Note 8).
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
SHORT-TERM BANK LOAN
 6 Months Ended
Dec. 31, 2018
Short-term Bank Loan  
SHORT-TERM BANK LOAN

NOTE 8 – SHORT-TERM BANK LOAN

 

On November 12, 2018, Fangguan Electronics entered into a short-term loan agreement with Industrial Bank to borrow approximately US$2.6 million (RMB 18 million) for a year with annual interest rate of 5.27%. The borrowing was collateralized by the Company’s buildings and land use right. In addition, the borrowing was guaranteed by the Company’s shareholder and CEO of Fangguan Electronics, Mr. Jialin Liang, and his wife Ms. Dongjiao Su.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS AND BALANCES
 6 Months Ended
Dec. 31, 2018
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS AND BALANCES

NOTE 9 - RELATED PARTY TRANSACTIONS AND BALANCES

 

Manufacture – related party

 

On September 1, 2016, the Company’s subsidiary, Baileqi Electronic, entered into a manufacturing agreement with Shenzhen Baileqi Science and Technology Co., Ltd. (“Shenzhen Baileqi S&T”) to manufacture products. The owner of Shenzhen Baileqi S&T is also a stockholder of the Company who owns approximately 1.5% of the Company’s outstanding common stock as of December 31, 2018.  The manufacturing costs incurred with Shenzhen Baileqi S&T was $0 and $271,186 for the six months ended December 31, 2018 and 2017, respectively, and the amount of $0 and $123,035 respectively were included in cost of revenue. The manufacturing costs incurred with Shenzhen Baileqi S&T was $0 and $79,083 for the three months ended December 31, 2018 and 2017, respectively, and the amount of $0 and $78,868 respectively were included in cost of revenue.

 

Purchase from related party

 

During the six months ended December 31, 2018, the Company’s subsidiaries, Lisite Science and Baileqi Electronic, purchased $1,610,058 and $517,262 from Keenest and Shenzhen Baileqi S&T which were owned by the Company’s stockholders who own approximately 2% and 1.5% respectively of the Company’s outstanding common stock as of December 31, 2018. The amount of $1,610,058 and $454,049 were included in the cost of revenue for the six months ended December 31, 2018.

 

During the six months ended December 31, 2018, the Company’s subsidiary, Fangguan Photoelectric, purchased $1,498,744 from Fangguan Electronics before Fangguan Electronics became a variable interest entity of the Company as of December 27, 2018 (See Note 1 and Note 4). The president of Fangguan Electronics was the president and a member of the board of directors of Fangguan Photoelectric before he resigned and left Fangguan Photoelectric in October 2018. The amount of $1,130,052 was included in the cost of revenue for the six months ended December 31, 2018.

 

During the six months ended December 31, 2017, Lisite Science and Baileqi Electronic purchased $391,804 and $410,976 from Keenest and Shenzhen Baileqi S&T which were owned by the Company’s shareholders who own approximately 2% and 1.5% respectively of the Company’s outstanding common stock. The amount of $391,804 and $363,832 were included in the cost of revenue for the six months ended December 31, 2017.

 

During the three months ended December 31, 2018, Lisite Science and Baileqi Electronic purchased $933,679 and $66,757 from Keenest and Shenzhen Baileqi S&T which were owned by the Company’s stockholders who own approximately 2% and 1.5% respectively of the Company’s outstanding common stock as of December 31, 2018. The amount of $933,679 and $114,023 were included in the cost of revenue for the three months ended December 31, 2018. 

 

During the three months ended December 31, 2018, Fangguan Photoelectric purchased $706,462 from Fangguan Electronics before Fangguan Electronics became a variable interest entity of the Company as of December 27, 2018 (See Note 1 and Note 4). The president of Fangguan Electronics was the president and a member of the board of directors of Fangguan Photoelectric before he resigned and left Fangguan Photoelectric in October 2018. The amount of $366,646 was included in the cost of revenue for the three months ended December 31, 2018.

 

During the three months ended December 31, 2017, Lisite Science and Baileqi Electronic purchased $328,159 and $236,511 from Keenest and Shenzhen Baileqi S&T which were owned by the Company’s stockholders who own approximately 2% and 1.5% respectively of the Company’s outstanding common stock. The amount of $328,159 and $199,993 were included in the cost of revenue for the three months ended December 31, 2017.

 

Advances to suppliers - related parties

 

Lisite Science made advances of $0 and $206,194 to Keenest for future purchases as of December 31, 2018 and June 30, 2018, respectively. 

 

Accounts payable - related parties

 

The trade balance payable to Fangguan Electronics was $0 and $248,543 as of December 31, 2018 and June 30, 2018, respectively. The trade balance payable to Keenest were $55,829 and $0 as of December 31, 2018 and June 30, 2018, respectively.

 

Sales to related party

 

During the three and six months ended December 31, 2018, Baileqi Electronic sold materials of $0 and $93,838 to Shenzhen Baileqi S&T, respectively.

 

During the three and six months ended December 31, 2018, Fangguan Photoelectric sold products of $22,059 to Fangguan Electronics.

 

Accounts receivable - related parties

 

The sales-related balance receivable from Shenzhen Baileqi S&T were $160,647 and $119,543 as of December 31, 2018 and June 30, 2018, respectively.

 

Due to related parties

 

Due to related parties represents certain advances to the Company or its subsidiaries by related parties. The amounts are non-interest bearing, unsecured and due on demand.

 

Due to related parties consists of the following:

    December 31,
2018		     June 30,
2018		  
Ben Wong                        (1)   $ 143,792     $ 143,792  
Yubao Liu                        (2)     318,756       70,458  
Xin Sui                             (3)     1,992       1,992  
Baozhen Deng                (4)     3,906       (3,685 )
Baozhu Deng                  (5)     2,914       -  
Jialin Liang                      (6)(10)     5,767,264       -  
Xuemei Jiang                  (7)(10)     521,623       -  
Liang Zhang                    (8)     5,887       -  
Zijian Yang                      (9)     5,139       -  
    $ 6,771,273     $ 212,557  

 

(1) Ben Wong was the controlling shareholder of Shinning Glory until April 20, 2017, which holds majority shares in Ionix Technology, Inc.

 

(2) Yubao Liu is the controlling shareholder of Shinning Glory since April 20, 2017, which holds majority shares in Ionix Technology, Inc.

 

(3) Xin Sui is a member of the board of directors of Welly Surplus.

 

(4) Baozhen Deng is a stockholder of the Company, who owns approximately 1.5% of the Company’s outstanding common stock, and the owner of Shenzhen Baileqi S&T.

 

(5) Baozhu Deng is a relative of Baozhen Deng, a stockholder of the Company.

 

(6) Jialin Liang is the president, CEO, and director of Fangguan Electronics.

 

(7) Xuemei Jiang is the vice president and director of Fangguan Electronics.

 

(8) Liang Zhang is the legal representative of Shizhe New Energy.

 

(9) Zijian Yang is the General Manager of Shizhe New Energy.

 

(10) The liabilities were assumed from the acquisition of Fangguan Electronics.

 

During the six months ended December 31, 2018, Yubao Liu advanced $248,298 to Well Best. Baileqi Electronic borrowed $2,914 from Baozhu Deng. In addition, Baozhen Deng refunded $7,591 to Baileqi Electronic. Liang Zhang and Zijian Yang advanced $5,887 and $5,139 to Shizhe New Energy, respectively.

 

During the six months ended December 31, 2017, Welly Surplus paid $5,000 to Xin Sui for loan repayment. Baileqi Electronic paid $9,111 to Shenzhen Baileqi S&T to reduce the loan balance. Lisite Science paid $122,820 to Changyong Yang for loan repayment. In addition, Yubao Liu advanced $29,998 to Well Best.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONCENTRATION
 6 Months Ended
Dec. 31, 2018
Risks and Uncertainties [Abstract]  
CONCENTRATION

NOTE 10 – CONCENTRATION

 

Major customers

 

Customers who accounted for 10% or more of the Company’s revenues for the three and six months ended December 31, 2018 and 2017, respectively, and its outstanding balance of accounts receivable as of December 31, 2018 and 2017, respectively, are presented as follows:

 

    For the six months ended
December 31, 2018		     As of December 31, 2018  
    Revenue     Percentage
of total
revenue		     Accounts
receivable		     Percentage of
total
 accounts
 receivable		  
Customer A   $ 1,472,404       31 %   $ 417,851       12 %
Customer B     1,917,298       40 %     -       - %
Total   $ 3,389,702       71 %   $ 417,851       12 %

 

    For the six months ended
December 31, 2017		     As of December 31, 2017  
    Revenue     Percentage
of total
revenue		     Accounts
receivable		     Percentage of
total
 accounts
 receivable		  
Customer A   $ 293,260       26 %   $ -       - %
Customer B     174,278       15 %     79,400       93 %
Total   $ 467,538       41 %   $ 79,400       93 %

 

    For the three months ended
December 31, 2018		     As of December 31, 2018  
    Revenue     Percentage
of total
revenue		     Accounts
receivable		     Percentage of
total
 accounts
 receivable		  
Customer A   $ 733,511       33 %   $ 417,851       12 %
Customer B     358,983       16 %     -       - %
Customer C     888,875       39 %     -       - %
Total   $ 1,981,369       88 %   $ 417,851       12 %

 

    For the three months ended
December 31, 2017		     As of December 31, 2017  
    Revenue     Percentage
of total
revenue		     Accounts
receivable		     Percentage of
total
 accounts
 receivable		  
Customer A   $ 293,260       39 %   $ -       - %
Customer B     173,883       23 %     79,400       93 %
Total   $ 467,143       62 %   $ 79,400       93 %

 

All customers are located in the PRC.

  

Major suppliers

 

The suppliers who accounted for 10% or more of the Company’s total purchases (materials and services) for the three and six months ended December 31, 2018 and 2017, respectively, and its outstanding balance of accounts payable as of December 31, 2018 and 2017, respectively, are presented as follows:

 

    For the six months ended
December 31, 2018		     As of December 31, 2018  
    Total Purchase     Percentage
of total
purchase		     Accounts
payable		     Percentage of
total
 accounts
 payable		  
Supplier A – related party   $ 1,610,058       36 %   $ 55,829       1 %
Supplier B – related party     517,262       11 %     -       - %
Supplier C – related party     1,498,744       33 %     -       - %
Supplier D     785,316       17 %     -       - %
Total   $ 4,411,380       97 %   $ 55,829       1 %

 

    For the six months ended
December 31, 2017		     As of December 31, 2017  
    Total Purchase     Percentage
of total
purchase		     Accounts
payable		     Percentage of
total
 accounts
 payable		  
Supplier A – related party   $ 391,804       33 %   $ -       - %
Supplier B – related party     682,162       57 %     46,040       29 %
Total   $ 1,073,966       90 %   $ 46,040       29 %

 

    For the three months ended
December 31, 2018		     As of December 31, 2018  
    Total Purchase     Percentage
of total
purchase		     Accounts
payable		     Percentage of
total
 accounts
 payable		  
Supplier A – related party   $ 933,679       47 %   $ 55,829       1 %
Supplier B – related party     706,462       36 %     -       - %
Supplier C     248,609       13 %     -       - %
Total   $ 1,888,750       96 %   $ 55,829       1 %

 

    For the three months ended
December 31, 2017		     As of December 31, 2017  
    Total Purchase     Percentage
of total
purchase		     Accounts
payable		     Percentage of
total
 accounts
 payable		  
Supplier A – related party   $ 328,159       51 %   $ -       - %
Supplier B – related party     315,594       49 %     46,040       29 %
Total   $ 643,753       100 %   $ 46,040       29 %

 

All suppliers of the Company are located in the PRC.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES
 6 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 11 - INCOME TAXES

 

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company operates in various countries: United States of America, Hong Kong and the PRC that are subject to taxes in the jurisdictions in which they operate, as follows:

 

United States of America

 

The Company is registered in the State of Nevada and is subject to the tax laws of United States of America.

 

The Company has shown losses since inception.  As a result, it has incurred no income tax. Under normal circumstances, the Internal Revenue Service is authorized to audit income tax returns during a three year period after the returns are filed.  In unusual circumstances, the period may be longer.  Tax returns for the year ended June 30, 2011 and after were still open to audit as of December 31, 2018.

 

The Company received a penalty assessment from the IRS in the amount of $10,000 for failure to provide information with respect to certain foreign owned US Corporations on Form 5472 - Information Return of a 25% Foreign Owned US Corporation for the tax period ended June 30, 2013. The Company disputed this claim and is working to reverse the penalty. The Company believes that the payment of this penalty is remote and did not accrue this liability as of December 31, 2018.

 

Hong Kong

 

The Company’s subsidiaries in Hong Kong are subject to income tax rate of 16.5%. For the six months ended December 31, 2018 and 2017, there is no assessable income chargeable to profit tax in Hong Kong.

 

The PRC

 

The Company’s subsidiaries in China are subject to a unified income tax rate of 25%. Fanguguan Electronics was certified as high-tech enterprises for three years from November 2016 to November 2019 and is taxed at a unified income tax rate of 15%.

 

The reconciliation of income tax expense at the U.S. statutory rates of 21% and 35% to the Company’s effective tax rate is as follows:

 

    For the six months ended December 31,  
    2018     2017  
    21%     35%  
Tax at U.S. statutory rate   $ 64,310     $ 3,109  
Tax rate difference between
foreign operations and U.S.		     25,739       (2,222 )
Change in valuation allowance     30,442       8,486  
Permanent difference     1,737       -  
Effective tax   $ 122,228     $ 9,373  

 

The provisions for income taxes are summarized as follows:

    For the six months ended December 31,  
    2018     2017  
Current   $ 137,112     $ 9,373  
Deferred     (14,884 )     -  
Total   $   122,228     $ 9,373  

 

As of December 31, 2018, the Company has approximately $558,000 net operating loss carryforwards available in the U.S. and Hong Kong to reduce future taxable income which will begin to expire from 2035. It is more likely than not that the deferred tax assets cannot be utilized in the future because there will not be significant future earnings from the entity which generated the net operating loss. Therefore, the Company recorded a full valuation allowance on its deferred tax assets.

 

The Company has not provided deferred taxes on unremitted earnings attributable to international companies that have been considered to be reinvested indefinitely. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the income tax liability that would be payable if such earnings were not indefinitely reinvested. In accordance with ASC Topic 740, interest associated with unrecognized tax benefits is classified as income tax and penalties are classified in selling, general and administrative expenses in the statements of comprehensive income (loss).

 

The extent of the Company’s operations involves dealing with uncertainties and judgments in the application of complex tax regulations in a multitude of jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state and international tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due.

 

The U.S. Tax Cuts and Jobs Act (Tax Act) was enacted on December 22, 2017 and introduces significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively. The Tax Act requires the Company to pay U.S. income taxes on accumulated foreign subsidiary earnings not previously subject to U.S. income tax at a rate of 15.5% to the extent of foreign cash and certain other net current assets and 8% on the remaining earnings. Since the Company’s foreign subsidiaries have not generated accumulated earnings as of December 31, 2017, the Company believes that Tax Act will not have significant impact on the Company’s consolidated financial statements.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS
 6 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 12 - SUBSEQUENT EVENTS

  

The Company has evaluated the existence of significant events subsequent to the balance sheet date through the date the financial statements were issued and has determined that there were no subsequent events or transactions which would require recognition or disclosure in the financial statements.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Basis of presentation

Basis of presentation

 

The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of December 31, 2018 and the results of operations and cash flows for the periods ended December 31, 2018 and 2017. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and six months ended December 31, 2018 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending June 30, 2019 or for any subsequent periods. The balance sheet at June 30, 2018 has been derived from the audited financial statements at that date.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended June 30, 2018 as included in our Annual Report on Form 10-K as filed with the SEC on October 11, 2018.
Basis of consolidation

Basis of consolidation

 

The consolidated financial statements include the accounts of Ionix, its wholly owned subsidiaries and an entity which the Company controls 95.14% through VIE agreements. All significant inter-company balances and transactions have been eliminated upon consolidation.
Use of Estimates

Use of Estimates

 

The Company’s financial statements have been prepared in accordance with US GAAP and this requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. The significant areas requiring the use of management estimates include, but are not limited to, the allowance for doubtful accounts receivable, provision for staff benefit, recognition and measurement of deferred income taxes and valuation allowance for deferred tax assets. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates and such differences may be material to our consolidated financial statements.
Property, plant and equipment

Property, plant and equipment

  

Property, plant and equipment are recorded at cost less accumulated depreciation and any impairment. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and location for its intended use. Repairs and maintenance costs are normally expensed as incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of the asset, the expenditure is capitalized as an additional cost of the asset.

  

When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the statement of comprehensive income (loss) in the reporting period of disposition.

  

Depreciation is calculated on a straight-line basis over the estimated useful life of the assets after taking into account their respective estimated residual value. The estimated useful life of the assets is as follows:

  

Buildings 10 – 20 years

Machinery and equipment 5 – 10 years

Office equipment 5 years

Automobiles 5 years
Intangible assets

Intangible assets

 

Land use right is recorded as cost less accumulated amortization. Land use rights represent the prepayments for the use of the parcels of land in the PRC where the Company’s production facilities are located, and are charged to expense over their respective lease periods of 50 years. According to the laws of the PRC, the government owns all of the land in the PRC. Company or individuals are authorized to use the land only through land use rights granted by the PRC government for a certain period (usually 50 years).

 

Purchased intangible assets are recognized and measured at fair value upon acquisition. Intangible assets acquired separately and with finite useful lives are carried at costs less accumulated amortization and any accumulated impairment losses. Amortization for intangible assets with finite useful lives is provided on a straight-line basis over their estimated useful lives. Alternatively, intangible assets with indefinite useful lives are carried at cost less any subsequent accumulated impairment losses. The estimated useful lives of the intangible assets are as follows:

 

Land use right 50 years
Computer software   5 years

 

Gains or losses arising from derecognition of the intangible asset are measured at the difference between the net disposal proceeds and the carrying amount of the assets and are recognized in the statement of comprehensive income (loss) when the asset is disposed.
Impairment of long-lived assets

Impairment of long-lived assets

 

In accordance with the provisions of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.
Revenue recognition

Revenue recognition

 

The Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers, and all the related amendments (new revenue standard) to all contracts using the modified retrospective method beginning on July 1, 2018. The adoption will not result in an adjustment to the retained earnings as of June 30, 2018. The comparative information will not be restated and will continue to be reported under the accounting standards in effect for those periods. The adoption of the new revenue standard will have no impact on either reported sales to customers or net earnings. The Company will continue to recognize revenue from product sales as goods are shipped or delivered to the customer, as control of goods occurs at the same time.
Foreign currencies translation

Foreign currencies translation

  

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of comprehensive income (loss).

 

The reporting currency of the Company is the United States Dollar (“US$”). The Company’s subsidiaries in the People’s Republic of China (“PRC”) maintain their books and records in their local currency, the Renminbi Yuan (“RMB”), which is the functional currency as being the primary currency of the economic environment in which these entities operate.

  

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. Stockholders’ equity is translated at historical rates. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statements of stockholders’ equity.

  

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements are as follows:

  

    December 31, 2018   June 30, 2018
             
Balance sheet items, except for equity accounts     6.8632       6.6166  
                 
      Six Months Ended December 31,  
      2018       2017  
                 
Items in statements of comprehensive income (loss) and cash flows     6.7756       6.6404  
Recent accounting pronouncements

Recent accounting pronouncements

 

From time to time, new accounting pronouncements are issues by the Financial Accounting Standards Board or other standard bodies that may have an impact on the Company’s accounting and reporting. The Company believes that any recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Schedule of estimated useful life of the assets

The estimated useful life of the assets is as follows:

 

Buildings 10 – 20  years
Machinery and equipment 5 – 10  years
Office equipment 5 years
Automobiles 5  years
Schedule of estimated useful lives of the intangible assets

The estimated useful lives of the intangible assets are as follows:

 

Land use right 50 years
Computer software   5 years
Schedule of exchange rates

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements are as follows:

 

    December 31, 2018     June 30, 2018  
                 
Balance sheet items, except for equity accounts     6.8632       6.6166  

 

    Six Months Ended December 31,  
    2018     2017  
                 
Items in statements of comprehensive income (loss) and
cash flows		     6.7756       6.6404  
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACQUISITION (Tables)
 6 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
Schedule of purchase price allocated

The preliminary purchase price allocated to assets acquired and liabilities assumed as of the acquisition was as follows:

 

    Amounts  
       
Cash   $ 687,591  
Notes receivable     67,441  
Accounts receivable     2,749,723  
Accounts receivable from related parties     46,603  
Inventories     2,906,489  
Advances to suppliers     165,819  
Other receivables     61,900  
Property, plant and equipment     6,630,997  
Intangible assets, net     4,516,173  
Deferred tax assets     58,071  
Short-term bank loan     (2,622,683 )
Accounts payable     (3,715,537 )
Advance from customers     (23,654 )
Due to related parties     (6,288,886 )
Accrued expenses and other current liabilities     (149,507 )
Noncontrolling interest     (90,540 )
Total consideration   $ 5,000,000
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES (Tables)
 6 Months Ended
Dec. 31, 2018
Inventory Disclosure [Abstract]  
Schedule of inventories

Inventories are stated at the lower of cost (determined using the weighted average cost method) or net realizable value.

 

    December 31, 2018     June 30, 2018  
Raw materials   $ 691,779     $ 105,879  
Work-in-process     797,802       -  
Finished goods     1,926,270       120,960  
Total Inventories   $ 3,415,851     $ 226,839  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY, PLANT AND EQUIPMENT (Tables)
 6 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
Schedule of property, plant and equipment

The components of property, plant and equipment were as follows:

    December 31, 2018     June 30, 2018  
Buildings   $ 4,264,801     $ -  
Machinery and equipment     2,274,837       -  
Office equipment     33,906       -  
Automobiles     59,588       -  
Property, plant and equipment   $ 6,633,132     $ -
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
INTANGIBLE ASSETS (Tables)
 6 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of intangible assets

Intangible assets consist of the following:

    December 31, 2018     June 30, 2018  
Land use right   $ 4,516,003     $ -  
Computer software     170       -  
Intangible assets   $ 4,516,173     $ -  
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS AND BALANCES (Tables)
 6 Months Ended
Dec. 31, 2018
Related Party Transactions [Abstract]  
Schedule of due to related parties

Due to related parties consists of the following:

    December 31,
2018		     June 30,
2018		  
Ben Wong                        (1)   $ 143,792     $ 143,792  
Yubao Liu                        (2)     318,756       70,458  
Xin Sui                             (3)     1,992       1,992  
Baozhen Deng                (4)     3,906       (3,685 )
Baozhu Deng                  (5)     2,914       -  
Jialin Liang                      (6)(10)     5,767,264       -  
Xuemei Jiang                  (7)(10)     521,623       -  
Liang Zhang                    (8)     5,887       -  
Zijian Yang                      (9)     5,139       -  
    $ 6,771,273     $ 212,557  

 

(1) Ben Wong was the controlling shareholder of Shinning Glory until April 20, 2017, which holds majority shares in Ionix Technology, Inc.

 

(2) Yubao Liu is the controlling shareholder of Shinning Glory since April 20, 2017, which holds majority shares in Ionix Technology, Inc.

 

(3) Xin Sui is a member of the board of directors of Welly Surplus.

 

(4) Baozhen Deng is a stockholder of the Company, who owns approximately 1.5% of the Company’s outstanding common stock, and the owner of Shenzhen Baileqi S&T.

 

(5) Baozhu Deng is a relative of Baozhen Deng, a stockholder of the Company.

 

(6) Jialin Liang is the president, CEO, and director of Fangguan Electronics.

 

(7) Xuemei Jiang is the vice president and director of Fangguan Electronics.

 

(8) Liang Zhang is the legal representative of Shizhe New Energy.

 

(9) Zijian Yang is the General Manager of Shizhe New Energy.

 

(10) The liabilities were assumed from the acquisition of Fangguan Electronics.
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONCENTRATION (Tables)
 6 Months Ended
Dec. 31, 2018
Risks and Uncertainties [Abstract]  
Schedule of concentration risk

Major customers

 

Customers who accounted for 10% or more of the Company’s revenues for the three and six months ended December 31, 2018 and 2017, respectively, and its outstanding balance of accounts receivable as of December 31, 2018 and 2017, respectively, are presented as follows:

 

    For the six months ended
December 31, 2018		     As of December 31, 2018  
    Revenue     Percentage
of total
revenue		     Accounts
receivable		     Percentage of
total
 accounts
 receivable		  
Customer A   $ 1,472,404       31 %   $ 417,851       12 %
Customer B     1,917,298       40 %     -       - %
Total   $ 3,389,702       71 %   $ 417,851       12 %

 

    For the six months ended
December 31, 2017		     As of December 31, 2017  
    Revenue     Percentage
of total
revenue		     Accounts
receivable		     Percentage of
total
 accounts
 receivable		  
Customer A   $ 293,260       26 %   $ -       - %
Customer B     174,278       15 %     79,400       93 %
Total   $ 467,538       41 %   $ 79,400       93 %

 

    For the three months ended
December 31, 2018		     As of December 31, 2018  
    Revenue     Percentage
of total
revenue		     Accounts
receivable		     Percentage of
total
 accounts
 receivable		  
Customer A   $ 733,511       33 %   $ 417,851       12 %
Customer B     358,983       16 %     -       - %
Customer C     888,875       39 %     -       - %
Total   $ 1,981,369       88 %   $ 417,851       12 %

 

    For the three months ended
December 31, 2017		     As of December 31, 2017  
    Revenue     Percentage
of total
revenue		     Accounts
receivable		     Percentage of
total
 accounts
 receivable		  
Customer A   $ 293,260       39 %   $ -       - %
Customer B     173,883       23 %     79,400       93 %
Total   $ 467,143       62 %   $ 79,400       93 %
Schedule of major suppliers

Major suppliers

 

The suppliers who accounted for 10% or more of the Company’s total purchases (materials and services) for the three and six months ended December 31, 2018 and 2017, respectively, and its outstanding balance of accounts payable as of December 31, 2018 and 2017, respectively, are presented as follows:

 

    For the six months ended
December 31, 2018		     As of December 31, 2018  
    Total Purchase     Percentage
of total
purchase		     Accounts
payable		     Percentage of
total
 accounts
 payable		  
Supplier A – related party   $ 1,610,058       36 %   $ 55,829       1 %
Supplier B – related party     517,262       11 %     -       - %
Supplier C – related party     1,498,744       33 %     -       - %
Supplier D     785,316       17 %     -       - %
Total   $ 4,411,380       97 %   $ 55,829       1 %

 

 

    For the six months ended
December 31, 2017		     As of December 31, 2017  
    Total Purchase     Percentage
of total
purchase		     Accounts
payable		     Percentage of
total
 accounts
 payable		  
Supplier A – related party   $ 391,804       33 %   $ -       - %
Supplier B – related party     682,162       57 %     46,040       29 %
Total   $ 1,073,966       90 %   $ 46,040       29 %

 

 

    For the three months ended
December 31, 2018		     As of December 31, 2018  
    Total Purchase     Percentage
of total
purchase		     Accounts
payable		     Percentage of
total
 accounts
 payable		  
Supplier A – related party   $ 933,679       47 %   $ 55,829       1 %
Supplier B – related party     706,462       36 %     -       - %
Supplier C     248,609       13 %     -       - %
Total   $ 1,888,750       96 %   $ 55,829       1 %

 

 

 

    For the three months ended
December 31, 2017		     As of December 31, 2017  
    Total Purchase     Percentage
of total
purchase		     Accounts
payable		     Percentage of
total
 accounts
 payable		  
Supplier A – related party   $ 328,159       51 %   $ -       - %
Supplier B – related party     315,594       49 %     46,040       29 %
Total   $ 643,753       100 %   $ 46,040       29 %
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Tables)
 6 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of reconciliation of income tax expense

The reconciliation of income tax expense at the U.S. statutory rates of 21% and 35% to the Company’s effective tax rate is as follows:

 

    For the six months ended December 31,  
    2018     2017  
    21%     35%  
Tax at U.S. statutory rate   $ 64,310     $ 3,109  
Tax rate difference between
foreign operations and U.S.		     25,739       (2,222 )
Change in valuation allowance     30,442       8,486  
Permanent difference     1,737       -  
Effective tax   $ 122,228     $ 9,373  
Schedule of provisions for income taxes

The provisions for income taxes are summarized as follows:

 

    For the six months ended December 31,  
    2018     2017  
Current   $ 137,112     $ 9,373  
Deferred     (14,884 )     -  
Total   $   122,228     $ 9,373  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
NATURE OF OPERATIONS (Details Narrative) - Share Purchase Agreement [Member] - Fangguan Electronics Two Share Holders [Member]
Dec. 27, 2018
$ / shares
shares
Percentage of voting interests acquired 95.14%
Number of shares issue | shares 15,000,000
Number of shares issue, par value (in dollars per share) | $ / shares $ 0.0001
Description of ownership right acquire The ownership rights and receive 100% of the net profit or net losses derived from the business operations of Fangguan Electronis.
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOING CONCERN (Details)
Dec. 31, 2018
USD ($)
Going Concern  
Working capital deficiency $ 5,562,375
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
 6 Months Ended
Dec. 31, 2018
Land Use Rights [Member]  
Estimated useful life of intangible assets 50 years
Computer Software [Member]  
Estimated useful life of intangible assets 5 years
Building [Member] | Minimum [Member]  
Estimated useful life of tangible assets 10 years
Building [Member] | Maximum [Member]  
Estimated useful life of tangible assets 20 years
Machinery and Equipment [Member] | Minimum [Member]  
Estimated useful life of tangible assets 5 years
Machinery and Equipment [Member] | Maximum [Member]  
Estimated useful life of tangible assets 10 years
Office Equipment [Member]  
Estimated useful life of tangible assets 5 years
Automobiles [Member]  
Estimated useful life of tangible assets 5 years
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)
Dec. 31, 2018
Jun. 30, 2018
Dec. 31, 2017
Income and Cash Flow [Member]      
Exchange rate 6.7756   6.6404
Balance Sheet [Member]      
Exchange rate 6.8632 6.6166  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
 6 Months Ended
Dec. 31, 2018
Dec. 27, 2018
Land Use Rights [Member]    
Estimated useful life of intangible assets 50 years  
Share Purchase Agreement [Member] | Fangguan Electronics Two Share Holders [Member]    
Percentage of voting interests acquired   95.14%
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACQUISITION (Details) - Fangguan Electronics [Member] - Share Purchase Agreement [Member]
Dec. 27, 2018
USD ($)
Cash $ 687,591
Notes receivable 67,441
Accounts receivable 2,749,723
Accounts receivable from related parties 46,603
Inventories 2,906,489
Advances to suppliers 165,819
Other receivables 61,900
Property, plant and equipment 6,630,997
Intangible assets, net 4,516,173
Deferred tax assets 58,071
Short-term bank loan (2,622,683)
Accounts payable (3,715,537)
Advance from customers (23,654)
Due to related parties (6,288,886)
Accrued expenses and other current liabilities (149,507)
Noncontrolling interest (90,540)
Total consideration $ 5,000,000
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACQUISITION (Details Narrative) - Share Purchase Agreement [Member] - Fangguan Electronics Two Share Holders [Member]
Dec. 27, 2018
$ / shares
shares
Percentage of voting interests acquired 95.14%
Number of shares issue | shares 15,000,000
Number of shares issue, par value (in dollars per share) | $ / shares $ 0.0001
Description of ownership right acquire The ownership rights and receive 100% of the net profit or net losses derived from the business operations of Fangguan Electronis.
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES (Details) - USD ($)
Dec. 31, 2018
Jun. 30, 2018
Inventory Disclosure [Abstract]    
Raw materials $ 691,779 $ 105,879
Work-in-process 797,802
Finished goods 1,926,270 120,960
Total Inventories $ 3,415,851 $ 226,839
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
Dec. 31, 2018
Jun. 30, 2018
Property, plant and equipment $ 6,633,132
Building [Member]    
Property, plant and equipment 4,264,801
Machinery and Equipment [Member]    
Property, plant and equipment 2,274,837
Office Equipment [Member]    
Property, plant and equipment 33,906
Automobiles [Member]    
Property, plant and equipment $ 59,588
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
INTANGIBLE ASSETS (Details) - USD ($)
Dec. 31, 2018
Jun. 30, 2018
Intangible assets $ 4,516,173
Computer Software [Member]    
Intangible assets 170
Land Use Rights [Member]    
Intangible assets $ 4,516,003
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
SHORT-TERM BANK LOAN (Details) - Changchun Fangguan Electronic Science and Technology Co., Ltd [Member] - Short Term Loan Agreement [Member] - Industrial Bank [Member]
Nov. 12, 2018
USD ($)
Borrowed amount $ 2,600,000
Interest rate 5.27%
RMB  
Borrowed amount $ 18,000,000
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS AND BALANCES (Details) - USD ($)
Dec. 31, 2018
Jun. 30, 2018
Due to related parties [1] $ 6,771,273 $ 212,557
Ben Wong [Member]    
Due to related parties [2] 143,792 143,792
Yubao Liu [Member]    
Due to related parties [3] 318,756 70,458
Xin Sui [Member]    
Due to related parties [4] 1,992 1,992
Baozhen Deng [Member]    
Due to related parties [5] 3,906 (3,685)
Baozhu Deng [Member]    
Due to related parties [6] 2,914
Jialin Liang [Member]    
Due to related parties [1],[7] 5,767,264  
Xuemei Jiang [Member]    
Due to related parties [8] 521,623 [1]
Liang Zhang [Member]    
Due to related parties [9] 5,887
Zijian Yang [Member]    
Due to related parties [10] $ 5,139
[1] The liabilities were assumed from the acquisition of Fangguan Electronics.
[2] Ben Wong was the controlling shareholder of Shinning Glory until April 20, 2017, which holds majority shares in Ionix Technology, Inc.
[3] Yubao Liu is the controlling shareholder of Shinning Glory since April 20, 2017, which holds majority shares in Ionix Technology, Inc.
[4] Xin Sui is a member of the board of directors of Welly Surplus.
[5] Baozhen Deng is a stockholder of the Company, who owns approximately 1.5% of the Company's outstanding common stock, and the owner of Shenzhen Baileqi S&T.
[6] Baozhu Deng is a relative of Baozhen Deng, a stockholder of the Company.
[7] Jialin Liang is the president, CEO, and director of Fangguan Electronics.
[8] Xuemei Jiang is the vice president and director of Fangguan Electronics.
[9] Liang Zhang is the legal representative of Shizhe New Energy.
[10] Zijian Yang is the General Manager of Shizhe New Energy.
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Jun. 30, 2018
Related Party Transaction [Line Items]          
Advances from related parties     $ 269,974 $ (109,413)  
Accounts payable - related parties $ 55,829   55,829   $ 248,543
Revenue from related party 2,251,548 $ 750,944 4,820,436 1,132,485  
Accounts receivable - related parties 160,647   160,647   119,543
Baozhen Deng [Member] | Baileqi Electronic [Member]          
Related Party Transaction [Line Items]          
Advances from related parties     7,591    
Baileqi Electronic [Member] | Baozhu Deng [Member]          
Related Party Transaction [Line Items]          
Related party borrowed     2,914    
Yubao Liu [Member] | Well Best [Member]          
Related Party Transaction [Line Items]          
Advances from related parties     248,298    
Yubao Liu [Member] | Lisite Science [Member]          
Related Party Transaction [Line Items]          
Advances from related parties       $ 29,998  
Changchun Fangguan Electronic Science and Technology Co., Ltd [Member]          
Related Party Transaction [Line Items]          
Accounts payable - related parties $ 0   $ 0   248,543
Shenzhen Baileqi S&T [Member]          
Related Party Transaction [Line Items]          
Ownership percentage 1.50% 1.50% 1.50% 1.50%  
Cost of revenue - purchases related party     $ 454,049    
Manufacturing costs $ 0 $ 79,083 0 $ 271,186  
Cost of revenue - manufacturing related party 0 $ 78,868 0 123,035  
Accounts payable - related parties 55,829   55,829   0
Revenue from related party 0   93,838    
Accounts receivable - related parties $ 160,647   $ 160,647   119,543
Shenzhen Baileqi S&T [Member] | Baileqi Electronic [Member]          
Related Party Transaction [Line Items]          
Advances from related parties       $ 9,111  
Keenest [Member]          
Related Party Transaction [Line Items]          
Ownership percentage 2.00% 2.00% 2.00% 2.00%  
Cost of revenue - purchases related party     $ 1,610,058    
Advances from related parties     0   $ 206,194
Xin Sui [Member] | Welly Surplus [Member]          
Related Party Transaction [Line Items]          
Advances from related parties       $ 5,000  
Changyong Yang [Member] | Lisite Science [Member]          
Related Party Transaction [Line Items]          
Advances from related parties       122,820  
Keenest And Shenzhen Baileqi S&T [Member] | Lisite Science Technology (Shenzhen) Co., Ltd [Member]          
Related Party Transaction [Line Items]          
Purchases from related party $ 933,679 $ 328,159 1,610,058 391,804  
Cost of revenue - purchases related party 933,679 328,159   391,804  
Keenest And Shenzhen Baileqi S&T [Member] | Shenzhen Baileqi Electronic Technology Co., Ltd. [Member]          
Related Party Transaction [Line Items]          
Purchases from related party 66,757 236,511 517,262 410,976  
Cost of revenue - purchases related party 114,023 $ 199,993   $ 363,832  
Changchun Fangguan Electronics Technology Co., Ltd. [Member] | Changchun Fangguan Photoelectric Display Technology Co., Ltd. [Member]          
Related Party Transaction [Line Items]          
Purchases from related party 706,462   1,498,744    
Cost of revenue - purchases related party 366,646   1,130,052    
Revenue from related party $ 22,059   22,059    
Liang Zhang [Member] | Dalian Shizhe New Energy Technology Co., Ltd. [Member]          
Related Party Transaction [Line Items]          
Advances from related parties     5,887    
Zijian Yang [Member] | Dalian Shizhe New Energy Technology Co., Ltd. [Member]          
Related Party Transaction [Line Items]          
Advances from related parties     $ 5,139    
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONCENTRATION (Details) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Jun. 30, 2018
Revenues $ 2,251,548 $ 750,944 $ 4,820,436 $ 1,132,485  
Accounts payable 3,715,537   3,715,537   $ 264,171
Accounts Receivable [Member]          
Accounts receivables 417,851 79,400 $ 417,851 $ 79,400  
Concentration risk percentage     12.00% 93.00%  
Accounts Receivable [Member] | Customer B [Member]          
Accounts receivables 79,400 $ 79,400  
Concentration risk percentage     93.00%  
Accounts Receivable [Member] | Customer A [Member]          
Accounts receivables 417,851 $ 417,851  
Concentration risk percentage     12.00%  
Accounts Receivable [Member] | Customer C [Member]          
Concentration risk percentage        
Revenue [Member]          
Revenues $ 1,981,369 $ 467,143 $ 3,389,702 $ 467,538  
Concentration risk percentage 88.00% 62.00% 71.00% 41.00%  
Revenue [Member] | Customer B [Member]          
Revenues $ 358,983 $ 173,883 $ 1,917,298 $ 174,278  
Concentration risk percentage 16.00% 23.00% 40.00% 15.00%  
Revenue [Member] | Customer A [Member]          
Revenues $ 733,511 $ 293,260 $ 1,472,404 $ 293,260  
Concentration risk percentage 33.00% 39.00% 31.00% 26.00%  
Revenue [Member] | Customer C [Member]          
Revenues $ 888,875        
Concentration risk percentage 39.00%        
Accounts Payable [Member]          
Accounts payable $ 55,829 $ 46,040 $ 55,829 $ 46,040  
Concentration risk percentage     1.00% 29.00%  
Accounts Payable [Member] | Supplier A [Member]          
Accounts payable 55,829 $ 55,829  
Concentration risk percentage     1.00%  
Accounts Payable [Member] | Supplier B [Member]          
Accounts payable 46,040 $ 46,040  
Concentration risk percentage     29.00%  
Accounts Payable [Member] | Supplier C [Member]          
Accounts payable      
Concentration risk percentage        
Accounts Payable [Member] | Supplier D [Member]          
Accounts payable      
Concentration risk percentage        
Purchases [Member]          
Total Purchase $ 1,888,750 $ 643,753 $ 4,411,380 $ 1,073,966  
Concentration risk percentage 96.00% 100.00% 97.00% 90.00%  
Purchases [Member] | Supplier A [Member]          
Total Purchase $ 933,679 $ 328,159 $ 1,610,058 $ 391,804  
Concentration risk percentage 47.00% 51.00% 36.00% 33.00%  
Purchases [Member] | Supplier B [Member]          
Total Purchase $ 706,462 $ 315,594 $ 517,262 $ 682,162  
Concentration risk percentage 36.00% 49.00% 11.00% 57.00%  
Purchases [Member] | Supplier C [Member]          
Total Purchase $ 248,609   $ 1,498,744    
Concentration risk percentage 13.00%   33.00%    
Purchases [Member] | Supplier D [Member]          
Total Purchase     $ 785,316    
Concentration risk percentage     17.00%    
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Details) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Income Tax Disclosure [Abstract]        
Tax at U.S. statutory rate     $ 64,310 $ 3,109
Tax rate difference between foreign operations and U.S.     25,739 (2,222)
Change in valuation allowance     30,442 8,486
Permanent difference     1,737
Effective tax $ 71,802 $ 7,764 $ 122,228 $ 9,373
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Details 1) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Income Tax Disclosure [Abstract]        
Current     $ 137,112 $ 9,373
Deferred     (14,884)
Effective tax $ 71,802 $ 7,764 $ 122,228 $ 9,373
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Details Narrative)
 6 Months Ended
Dec. 31, 2018
USD ($)
Penalty assessment $ 10,000
Statutory rate 35.00%
Revised statutory rate 21.00%
Operating loss carryforwards $ 558,000
Expiration year 2035
Description of income tax rate on foreign subsidiary The Tax Act requires the Company to pay U.S. income taxes on accumulated foreign subsidiary earnings not previously subject to U.S. income tax at a rate of 15.5% to the extent of foreign cash and certain other net current assets and 8% on the remaining earnings.
Inland Revenue, Hong Kong [Member]  
Foreign income tax rate 16.50%
CHINA  
Foreign income tax rate 25.00%
Unified income tax rate 15.00%
UNITED STATES  
Foreign income tax rate 25.00%
EXCEL 56 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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
PE92^)I60DC5!K M6T>,A) X8PXSYE8Z)&,<(((!HOLEVQ*2TJAYT$17M;"(R]1LT%W93<8"9BQ M.@D.$,, \?V2;0G)U"@YMFKA+)$B-DJV93*,A"-A"1.6=C9)B ,D,$!ROV); M0@DS*D[L[J56B^^(;K)-8;8I2,41@(68)N']@H&&$FXB)[2;G(9FBX'J-QXG MPI&S@X ,Y!,Y0F!\L0?X!3246*0EJR!*6626;8?B#O8P3"\&\)6X0F!^L0< M!C24F 1C-IN$C"7%KAY@.C& I\3QMC/,)_8 H("&$I-0S&:/(!:3$>P936@U MV]8XFXTIQ@#&4@?&&.88>P!D0*/7KOED;$J)Q%P2:Q#*63-&&0,L<\&0,,OH M 98!#:4FRT;1]7Y#,&ZLF34(Y:J93)#=6AU;K/L;J!702,="(0P60OLB:4X# M1*GC;2=,'T)[H]2>A:;_@])[1GL>:Q13QD>!Z.8<#1BVZN R#B MH0,Z'&]&.-B,F$!9 1$/N3%/<'4"+%2][T_CC;>ISF7;[PNNAJ&PO=V]R:W-H965T\V&95_5J\ MC,I]X;.GMM%V,Y)"V-$V6^^&DW'[[;Z8C//7:K/>^?MB4+YNMUGQW]1O\O?; M(0T_/GQ?OZRJYL-H,MYG+_Y/7_VUOR_JM]'1RM-ZZW?E.M\-"O]\.[RCFZ75 M38,6\??:OYEG^>:?]5.UNAVFP\&3?\Y>-]7W_/U7WP5DAH,N M^M_]F]_4\,:3NH_'?%.V?P>/KV65;SLKM2O;[.?A=[UK?]\[^Q_-< /9-9#' M!G7?7S5070/UV4!_V4!W#73?'DS7P/3MP78-[&<#V\['8;#:T9]G5389%_G[ MH#@LH'W6K%.ZL?7\/C8?V^EL_U=/0%E_?9LHH<>CM\90AYD>,/($D\ISR)Q# MZ!RQY @ES!$SJIT\>BJ1IU/)# 1.S#@B58&?%XTL+AM9W9 M4%AL0$,#NC6@S@PD0:0'3-)B=H=(K7-),+<+#ON%A-.DL#\&^F.8/R:8_JEA M_1B32A$%AN(H3 MP9&.=(0EBX!F440U":L,F2O"Q:PG1'LVNX#W-5-=&ND*$Y V.J2I@.E%X1 M,"8$N,&F:6Y EUIS&4-N,Q8I'DM9X2(:*_&C->@3).1 MC*,C9S97E&D::\3JX(&/-+H^HC"'BJ M.;^<4C8)$O ,X)1,R83Y7(,"(^!K-](!UJR%1S7N,8.0[% MN$"X+UPW6 0,$H&(JADL N8*$3!8! Q*Z.$B,7RW9FUBPNT+@$EE#3L1 3A# MB;3A83+ :1(NB46(U<>@36*X1 P_I"'2@B70#G>6CNK-O@O3(\ I6]>)D=K! M8-4SH,Z1D:V5B1PN7W'L8[":&:1F;(GP8Y^DKD+#.9T#'&F7)CI&'BR/!I5$ M;%+Y/D]96SL5^H1.7U6M6;'9PGIKT $L\XGKJ)2"R:CAZG@..W<(BZ,!XJ@B MF/^>NN:GHX^7J\J+Z3S35F\'U*-S,"W^=T MLSA<0W^:/]R*_Y$5+^M=.7C(JRK?ME>^=IY\:V6E)7/GHXO&_]<-8]) M_5P<;J,/+U6^[V[:1\?K_LG_4$L#!!0 ( (]\2TZQ:"\P_@4 .\B 9 M >&PO=V]R:W-H965T6/0PY'_&=(:?Y1 ME-^JUSRO)]]WVWUU/7VMZ\/5;%8]ON:[K/I2'/)]\\MS4>ZRNOE:OLRJ0YEG M3UVCW7:FD\3-=MEF/[V9=]?NRYMY\59O-_O\OIQ4;[M=5OZ[R+?%Q_5437]< M^+IY>:W;"[.;^2%[R?_(ZS\/]V7S;7:R\K39Y?MJ4^PG9?Y\/;U55W?DVP8= M\=GZVG2CBC?YH]U:R)K_KSGRWR[;2TUX_BG-SH] M]=DV//_\P_I=YWSCS$-6Y\=XBFD][[ MW_+W?-O@[4B:/AZ+;=7]/WE\J^IBUUMIAK++OA__;O;=WX_C+Z3Z9KB![AOH M4X.F[TL-3-_ _&Q@+S:P?0,[M@?J&]#8'ES?P+$&L^-D=;._RNKL9EX6'Y/R M> ,=LO8^55>NB>]C>[$+9_=;$X"JN?I^8XR>S]Y;0SVS.#+ZC D,64E$G8A9 M,X#3*#0:Q4*+YJR#I22"86/XU,CZ\EIY31-A#VST+_K/!/DV?^'1E[UI'Q MBL@P;C62N[-ROIQ5/G*'$1PW@;A8;,!! PX8(.:X$PXUPPRD6%PEYE.;)&QV MG PK,+:6V-#8P#4/7?/ -7;SK!##XK1&3, #"7 @ 1A(L8$4&DA'! DPS-EE M.BI GQM:I_\G."K!"IV," ^"^&"@H4A\5"1;*&G"QMR!4G^K](@8]="G*PD9 M$U.CQRVDR[:&KF'M5TC\Q7 0Q%<2@F)CP3JMI% ;&U%,A253(VB0_]*@C$OY325!Z[RRO-X 7+.>4I_PL@,;I.C: MP^*HD#HZ[B2 ^,"7$.)5!82(>X:@6/BQ9"L@H]9C$QHKI$;"QL/?0X-H44AY M ;@$G/(FR&H3<*GR.F55W!H:M-I'HJ^Q\FJ@O"+Z"!)5)812[AV *.&>(2A6 M]^-LH('H4F3Q:ZRZ>DS)K4$MW:0=Q1,*X'1JM..Y'W#*>FT3R^?H4X-#'[&: M:Z#F,OH (G%[(XBO?0CQM0^AR-K7.,-HD#PHMO9Q]M"H+A?1ET5R:/[YR,Y' MXRRC1]3)"P119*.AL=!K(*H44PLLJEJ*JMRF:5F=$@7-TR' K$NL6!&CK*T_ MM3;<8V/!-V-*8@01'PZ"8FO38&4V0 5=1 4-5D$C55"&R\B:&(4+V))3(TMB M%*O+IH:.14Y#QE3$")*!&E\1&ZRA!NB5BYWM8+TR4J] G"Y6Q'V02.YOP)H: M86K=,V,7%%91@U14Q E 8C2(B8T%RZP!"NI,Q 164",5%,0)R*QP^2(S' I6 M8H..)$0W%X\2AJ=R6!$MTK%(VK%8QZS4,7"TA\2.'^M=9(9#P7IHT1F!Z&:\ M.EFL3A9I2NPT-'(-YT7<"G#6*F4"K]!1SXDW MJ8M-%-8].^(D8($@Y[F'" K>R&"J0A(3!JRF=LS! X(\?X@#(7%S(XAO MJQ!$D21AL3);(+JQ'0%AU26DNGQF2.[_?>*LXY,#.*.(4KXY QPIK[F]->!< MT"I6\A#."C3FW %!/&1+"'%1AQ _'8509(-$.,,02!X^\JB!.98(2BVP"CRR TH=(@]M,,*3:B<%/<, M> 06R*A(CB.LY#3F*1B" E]0L[-G[[N\?.G>G*@FC\7;OF[;GET]O9UQJ]MG M]^SZ0ETM%;B^4E?KX[L7/\T?7P7Y/2M?-OMJ\E#4=;'KGNL_%T6=-V-/OC3A M>,VSI].7;?Y;_P!02P,$% @ CWQ+ M3M2-+=)P @ P0< !D !X;"]W;W)K&ULC55= MDYL@%/TKCN]=5/!C,R8SFX]..]/.9+;3]ID8$IU%L4#B]M\7T'4-TK1YB' ] MY]QS ;EYQ_B+* F1WFM-&['T2RG;!0"B*$F-Q0-K2:/>G!BOL513?@:BY00? M#:FF( J"!-2X:OQ5;F)[OLK91=*J(7ONB4M=8_Y[32CKEG[HOP6>JW,I=0"L M\A:?R3!'13HQ&7NZD@-C+WKR M^;CT VV(4%)(K8#5XTHVA%(MI&S\&C3],:4F3L=OZA]-[:J6 Q9DP^C/ZBC+ MI9_YWI&<\(7*9]9](D,]L>\-Q7\A5T(57#M1.0I&A?GWBHN0K!Y4E)4:O_;/ MJC'/KG\3)P/-38@&0C025.Y[!#@0X#L!W26@@8#^-T,\$&(K ^AK-XNYQ1*O MA<+&CXR;3*!+D%D%, &0%X ML]K(*J/'I ;3&$R"8!A8I@298H3N&CY66.^A"I MG]M,XC23.,PDEIEDE@8&"-E[/$=E:")UXR5U>DD=7E++2SK+$J;0 NT<0G\Q MDCF-9 XCF?5M9K-SD(998'\]#E2:V =O#@KU-EH9=W/8(TSMSPA,[I^:\+-I M!L(KV*61NJ1)=.PW3Y&^OZSX.EQL0D=\J_I3WT[>Y?OF]A7S<]4([\"DNC7- MW79B3!+E/7A01[54_72<4'*2>IBJ,>^[2C^1K!T:)AB[]NH/4$L#!!0 ( M (]\2TY)+JU_00( *L& 9 >&PO=V]R:W-H965T&M'SE5T)T2P!X6>$&\0?:X5:NG"EKD)!3=@&\ M8QB=-*DA( R"%#2H;OUUH6,'MB[H59"ZQ0?F\6O3(/9[@PGM5S[T7P-/]:42 M*@#618\IJW'\'GE/\+E/E5X#?A1XYY/QIZJY$CI MLYI\/JW\0!G"!)="*2#YN.$M)D0)21N_!DU_3*F(T_&K^D==NZSEB#C>4O*S M/HEJY>>^=\)G="7BB?:?\%!/XGM#\5_P#1,)5TYDCI(2KO^]\LH%;085::5! M+^99M_K9FY4H&6AN0C@0PI$ [Q.B@1"]$>*[A'@@Q/^;(1D(B94!F-KU9NZ0 M0.N"T=YCYCIT2-TZN$SD<94JJ$]'K\G]Y#)Z6T?YH@ W)31@-@833C!Y^!ZR MFT/@B #2P.@B=+G8A#.ZE6 [1^21Y>&?(ON[(N]L1L[-BC0_G5:9QFZ!V"D0 M:X%HNMN+P"K#8#*-:4V2*(/0KF4.6T397ZI)G&82AQEHF3&8>)+E XSS/+;, M.*12MY74:26=\_/M :S MBVY[W"OIM16JI$ET[*R/H7I3K?@&+K?0$=_)3FP:YYN\:>-?$;O4+?>.5,C^ MH-_B,Z4"2^_!@SR22GXYQ@G!9Z&&F1PSTS_-1-!N^#2 \?NT_@-02P,$% M @ CWQ+3E94L0Q3 @ ^@< !D !X;"]W;W)K&ULC57;CILP$/T5Q >LL;DF(DC)5E4KM5*T5=MGAS@!K<'4=I+MW]Y6SO*(AN6':6G;DU#Y>\#X^*Q\['_OO!2 M7RMM%U"1=_3*OC']O3M*,T,CR[EN6*MJT7J277;^'F\/.+8!#O&C9@\U&7OV M*"'.5'% MG@7_69]UM?,SWSNS"[UQ_2(>G]APH-CWAM-_87?&#=PZ,1JEX,K]>^5-:=$, M+,9*0]_Z9]VZYZ/?B<,A# X@0P 9 S*G@WHAY_P#U;3(I7AXLD]^1^T[QEMB M&UL[3UI<^/&E9\7OZ++J]E(51!-\&;BN(J2.&/% MNB)*<;RN?(!(B(2'!!@/,;)RL_@SV3^;;I. G^6+H(@ M6RV_;36;O6]7?AA]P_(H_&L>G,9YE/W^FTYS^,WWWZ7A]]]EWY_%TWP51!GS MHQD;1UF8O;#SB,\9QA$[9NG"3X+TNV^S[[_[%M_A[_7891QEBQ3>F06SZM.S M8-I@;<]EK:8WJ#Y\'SPTF,KZXOK#S^[[/SJM%$SUREL+_&7L*U9\(G]&+P8JY4PN'M9&Y_RFL=_K/YV ME_BS,)JSR/_C(U9CS-DX1>"-,I .'GP$]JOWY\W.P=MYLU<)RL_.62G>1I& 6I M01!9DAOSB1?'JR"9([P^)/%SMF"G\6KM1P8:Y.A/#. ;I2'1'X>7?>AO4J"3 M=9QDA(O,S_*4B>U67_C9I&#QN??A,DC8*4!C'B?&FJ[BZ-B?3@,8 R-F?'0M M<@6,!8[?P\_&5__8VO8V8&^NR"?$P MN\ZS- -&!WA57[M)@L< 0#?;,OWI]=7D^N+\;'0W/F,GHXO1U>F837X8C^\F M[/#^:G1_=@Y/CD!NW$_.V.'!476"/^014'C3+AHDL8[2-,C2WQJ/_71A8BB# MG27!- B?_(=EE091=OXV7?O3X/??@'!,@^0I^.9[9C#6=(JR49\(MA !]I-@ M29A?^T!G)A797]SRTGGT!+L$,&((PSH!BRU@S)P=%E62PU_72 M%XHF^&L>KE<6/CV/@#[G(4+1_L4S2::9_VGCHNR+D4N]"/V'0.Q%&_MAE#VF,0KP$6:Q2!+3:#D 6)\RUR_ M> 8WPX) ;&]$_+* U&;L7]0/+"%-3FC(6C[=AFE.KR\OS^\NQU=W;'1UQD 4 MW9U??1A?G9Z/)P8248HMXN4,P/4;-@9ZRUX,3!="+^5R\J#1;#8]!"![\I=Y MX+*N"[_@_PL[B/EY!O01_BV861Z&:8K@)"C6RUHAFVN^R;SAQH]Z7@<>M>DQ M?F@X5']N7 5P"XL?&5@8)-F5>4;C0"H'2BJ[0$GI.IAFX5.P-- TFLU(-0.N M2&B$$9OZZQ!P5QUY&V1@?")Y^4D$*[#Q0[[*.=$*J@/3( D60(SP;9@:_@[8 MX3).4T.1<'*QX9GY69:$#WE&/ :, 5/7&1V@X*=@R";QQ"7\]R/V'@)"$OB M*)RFAB&\J](^O/&1E1=!%H(E@DK\@'U;XP"@O160W8*K"",04R':/K%8VR^C M!S3@IYDA= RN*TC_$(AI!JCP06N!TN"?-C!O3%"P1\UBC3WKK\\W+[X\IA-*]>I87('_X,B=<*NWX-(O;RY'?\POIJ<_VF,/M7UY9@= M7EQ/)D>[67?MG=W"OIUQ;@,PC?):71.G1&]UH\#!2 'L2?P8&BQ\O48;'IE< M:CN#I ,2 BZ;!U& 'B-RKC];A1'YHB@.Y;OVY<5;/W'.)1IQLQ@=1\:H:Y*% M7/K5S/ 0@(^N)"3J5=CU$PB&V+!5SG<8LPM&CR0_L_<7U3SNZ9]KX][?7E^SZ9GP[0C.+C4[OSO]T?F>QM48*F^@& M@7HB4P_M45"M4_"8TZO]0%W=N>V^54VKML*@6T8.K_ZTWBR!4.<>XM]F9/B*OAS M:6QHAD;MNDF>@*!G#R^P_"I#@;DZ# M8);R31PB!EZ$F7)$KIQXL@6GUBT>"CP=L4=N\&S<[/CQ$4PR7'/P:4ITR3"( MQ*:"1N.(OE CBI/ 3X%;9@'_UQ&WL\WAB#D7U,$\C-#&QL^MK3$S/C! IZ!N MR 1#!F34@3*;A>D4>#4'B8KR#V'QN(R?81TJ.FP-T'"O ,9HRFG;.&YTFT@ M64D?WH6VSL$J(E\95NL9'I0FPBF^!=!46,$U#+L-K_..Q<^@^=-%N&8)J@)Z MSP?++@E)',B5 A@SBP7_>CEL6MP[6-L$O?> BW2#E7VE5%?)*S0DPV=MF$/- M^/3H[OYVC+L6V@/ 8GPWF?M1^#@U6K^3KB+ M])?W.P84(A[0N^)G8$I0*^PJ>/)G/M!7LHZY10>>FI^Q9_"XD5?0NXW8I9], M%S+OX378R8N#&\T629S/@<1A/\_@(2Y?B C!$\@?TG 6 B:$#PE.'L<"DQYK M4+S^I_,Q\^=)(" #Y'VZ )"YNN_+4C!P4_IE <@^!EG@((+!ZITC:07*A2S$ MJPN+"J?(@=-E/H.58+R=2&,=@X-*$3+:I?[V+'@*IV+5%Z=G+ 49!@I0K:K! M=*%^'3DJ*-'JRQ $P9F] D='")T@(0$-UH4OK,&;',".HG0DH5.:0SYVU&,U MW7.8+=@?@.1@V>#/H_"!_?PYAU$A_HZ>0N #;( \ 7.@,>%SQ&S"T2]]:*(] M4)] 9D89-%WDD6-SY34 !8;+KO(9@ $,:?M#3EW W>.$C&3$1",:!)_XQ\F M6%P'?]>7B;B'5^-Y0.8#D*42DWP20UH"I&QK27G6KI%&L9FI*HM5()OBJ#/N115-\ 7\^"-;SL6>MG\_B=@#')6"%4H MQAGJ46 3-@D29(3M4Y4IA;^56DB2"PS 'O$>8&&4@=T9!2_U:\211"J09&A2?A9H.!A+PY["#.=H\=3I9FQ"_ MX_5_EY;TM!99<62@5+IO55F@\ET27(2@) ##;>HC= BXI6)9C52% M3D45-AC&Z_#?20#T(_:2:1!\#@'TN #_,4-)60:]G^K0UR O5@\R$G4+?#%? MHM8G[M2&E24[@D-&.X'#@/8"LCZ1+H6V8#&RFA4"2%;"^&=>LZGX&STT'DQ) M'< P_HG>&Z .Q$/A*>#0!\&^6E2C-CQI7\3*C_)'V%N>",W!M96F/QRI/T#K M"(=)24]V&F**Z0\A2NL;M-F!#%UV$\1@T2IDW@;K_&$)&HH$+VFBPTD0,$PB MLLX1X=31N0!5N,_]PH ;J_A#L5L@FP>8AL9R$JO&:%? >3'9W&(>&,1IA[NE M;BGF"_LF1&^'(MD'H*:#0L#K"T=YP"/(0G,3N.SL)FTOW*$TLYQ4F5E&./G# M-7IL8.R>CF^OC('?(11<TAF"F \I/XSR@"-M3BN;\I5Q%,C1"W_F^.PY3C[2 M$)[. "('5S.DX!4@X:#K=GLMM]WO,OB6/8TR X\FBC,10$1?C]RFS#BW.>-(&_$C^$AT@1&2A\A-LLSA\R M$ EQGEFQ+G)P2#H22DX=E*S8F,6T4T%=C(20%@IGR \G,=<:%DP8X-EO)9N5TG,X=IXADWAM<%^ +4,0M8% MR!!I)J0+IS 2A/\@+M)/@XE2"?WEY>CVY_QV>3\P]7Y^_/3$>9.3T^O[REURF[ 6[5E3T=* M5(&IL40FV.ILM4F5>> K?8D%44P5E,XC6^N.(%)''ODY 70:I=<6T0& !=% M33(CW)"-7PAF& 8$'8+*2&42 "@/"X#6&;U+POD^HL^3(YH6$8QPI2U"BY(H MJRW)EX%4MO-\6G/N?E. MLQ3 V14>@JU2'Y,*"'1IF?A1E,/;MGD=3;ELP=H@PG## MN=,V*O>2+'05) S :NPK:P?>;78<:QB MAYEBIV!E$(,S3"_,$);Q*LQ(Y56<_^WBY3 [K KSG^$4<_AA@VH_407,:G..0:S"I@#4>$YP:-0@%-2[%)U$#;]8X4 M?MP9$&DEF(N"6NZK8GUOI^P M#Z/1C1#JH4HNIIK:0_I>^1]!T,A5$/V28[#F^R$N]WDRALLS) PT$5<*,?84 MH;#I2WD0,I;G14ED]1U'V'YC^DA 3KZ5IT'9>"B@)TG7!5,W4PH"Z8!K)&YF@'R*GWEA(C H M^1I@N"I2=XI,HUO4'-!8V//C(Z ^ M\J@Z2@ \*B'7Q?1"X.")!@@)>0 &HDYMC([<&4T6YCJ4H=\M3'D1$ M5D5:S>!S*5 (.D6^5L\W"X"UX;L*M10S!-D0)C@+U^Q34<^#OA3BBA>8A$CD M&'-:RU@L_#8-U"PSD '3;%FI\\.YB&<>D,Y5*(:F!<"$7!N3;:DTM MXRE?+5GT64H1/U(YP"\-U">P=HX)/%0#S[A[1]_EG"+, L&I,Z&=D&YF:+T# M8V:YL$6?%Q2&]1=@$$PEOZ7*>A/&7/P@*C25R21$@P(=SPKHGPZ0 I@A>^I:H6*HG6#>4.*8MV2&8+:>RU!7V MP!#%&!XY7@("A.<5RV2(Y'LB/92LR_"QC!?8!4650Q:L8E"K@2_S&BL,!DI@NT&)$DJ7\$R,3 M00JFM$8P@78%Q/U-V# X U,SX/M22/!@DRP?*3PLC4/ 2WPQS\ M&Q2V,G6U$'Z#&:=2^&,J M%$;SE:MOG)+L5E"Y8"TYBIN>!'ZG?@(&OM*9Z6;:5(),'U H4"', ,'Z.R(8 M56$3;56LM*HP+>J;MDHE )!%5#P%W, "9/G\P(!;MP*@EL"V"@ML!&C*08$M M@+#),H=_09"RG2ITP581*)*VR*O)4=ZF\6/VC&])H?3!4"X\.54'3\3SN7M 6!I-3ME=O :3 MI=T#%U_6W!3(!D"?R?W#^ O\S 5]AA_XDMEJDF#&(APRH7VB^OI#:6P1++F$ MH'H_(93T5"NX96'P+#*"&BDB?# #('T$>#HM*E*G80($C"D:S.Z+0%M0I 0L MZ%.&,9KZZ(D]SBE<66[@E7<"^ JXXP0B$K;E$[*18@OJ MW+0(84873";L3/!WP$D625(MP%JQ-F56#$'J:.;A^2,3>%$\B2Y,. L2]2X' M,BI'8J$"Y/RQ3M-IP4P"=6(K#UHTQ:GL,ZTP2_!I2@4K:$P7JJ$TIB&/(3@Z MD^L)+'\64P"/<^ZS'O&C\G$_@?T@R?>:/5?.QB7'*09YP%T4HO-4'OT3Q@$6 M=9 5*O6&.!>>LD/XD"/#!O(K5&_MBXPHG[;(5J]B$#8A&8=9$DN;0B:NM1E"&B*N24Z[Z"C@;B3UXR(0R]N#"H*CM5Q1'/K IG M4?/A@TD6Q42E4XI !F'&"[#%6D!Z\5R .M+)1'V%A$HY/UW.9HO2>J)WM02B M&F%;\ODQ23*/9=X R[36PN?B95=%"9!CD'M)JE43)0H OX' MV2..>#CBB =E6+5#'EHY0NK, O1$>2PQ5*="\!6>/ $A*%U7'C)&3U(>'<'U MRYEE?5_M6.DP:R77J0,:[U#P#5MQWK05 MK: $CW)/*]J$>02K&+:^\(35PLN% M72B1S?S%&9W&4:6,]Y.#HG)1(WWE-I5"Y-(=*57W.$9UCYH=' I50T>Q&Y_/ M (+](8X_J@JH6$@"_@C]L0(=7//$"Q-:;"4)]>()'F.,Z ,L4@@N23'RLF+ M=9Z@L89*Q$[:\&U4\"58/Y,HM.TC3$D*$VXG!Q72=HBTX7?7%MHO[+Q!NWG< M+DR].TV V,N^E857L$?Y? 7/:#LF2RB%G9;CZ16>Q&R!./_%>4P3'EKH703< M2T=[!2F2*9F]8-BG/.\B!$&;4(UH4O HQ:=$"))\B")TQ>-;99A8$PCXNSAQ MIV//*0=KLJS$V2#JA(VWVU%L1)Y53*2U4.!2HB*VR!Q%T2?!H\PPF!VX MB0O&^\:D(02%EJT71,QX<0B:KP(C6],L3M7=DREQ1Z7$2ZEEYZ1$0R"^5JF+ M6PG6W$P(Q'ESF>+K-0:]=@O^I^?U>LXD_.3HQV%+&7B'/H=E!^!E!Q4W 1W^%^W:I-67J P M*1X:2:4=77"C5B T42;428PF$":AB8"44?0 !F; \W .^C&4_<.HM;*/;'$R M;6%%=DP53TK=\@"V3/ 4R"P?Q7T1$)B<%VT0ZC;H%*4;(FZ5<5MSGHC^NOTC_?GDW,LVS**S63]VVE1^+JA-,S>?8?J MQ3HJ&*Q]KN8LB&Y,E YY5$Z]\*#"'U5]5C#]OIH M:;Y_=GETVG#.*X7UY4VZ%=.*:-SKLA702JB=4*Z<=T.>MP$FB7RS0-LIBJ*] MHWU-M*TFFJ!2R4\28)8BBB\78$8/BN@?!=9K0\M&,0)O!5*2?PXF XMXS*9P MQ=:)A2->119!37G7W*&O)M)%9 _0N'S1;00P+WCICI[7EPDSE+#"N<%R5\J+ M4\E.2#0$\BF3NP79P4M1P%"N)H5U@(LHWQMW2OC3K(,1-TD<.F]YP'J#OML= M>DZUXQCK]=U.QW-LY\=;;K\S=/NMMNVI8SN(S#H]M]=L._)0.?[4O-IU*#RZG'.Z$#X+%,QR")5*E1M=!J=9QNU[/ M]?IMQ])^BW4';K/O.96V60Z69K/#EMMKP?\/VNRH (%L?W78=OM>U^VV^_C4 MVNH*9FB[O6X'!MB[7+'#GML:#-S!H,<_46IHI>EX2T,K=N@!=KI-_'RY$5!Q MVN=PV'2[G2:,H!X?CHQ,A]$QY39 F?2'?7?0 M;+%CYSVV85F 8\FC4D#8+#?[=@_* ] M-/!TH5?H_+W!\#]CU"IC/9I<,VUW3759(L^_1)& '7O0 M&E%-^U+M<-?@R#!SSZ_N1EK+&9P>/;R0 CN9K--N)5)3$0].2^6 9C/(YVA"PY)9PKT!<4UUG MK!X"U\* 7HN.06H$X10$4?DD:N_/)XK)#]>W=\=WX]M+=C*Z^I%=7(\,)TC3 M="2V[(:MI6C[6FQ E*SRCW@+M!Y- ,8 MDK=("\1,2)PD\3/96O$G47#HW$\.6HV>WH:H*=;;#I!(IXT7O/D#1Z0ZB74N)DFV@9 G?N^%%V M69RP=21AZM;4"U+D!,\<<)(DBNRY=J#*(".HI!,?!/Y?0XU@W2K!%H=[*9Y3 M)M?)(HC^AD$),9$SH5.7W.O8V "A^B:;_(^_6O_N3@7[J3I<[5KFQT3='!/S'"A? M;QF(O(1(EI?:(2GA09QRP/N%'K3ZGNN!M6P>0W6VG8 J=P9UU7&KHE9 ?L0# ML[W9[I;&F[ZWK!4524Q>O?Z%MMD?NDUP.\H'HS8?B')>O\\^>!Z]P2NWJ0K5 M3 \0/ +:MU/&3-V*MS!GB+F>"_1O Z8SE8UCI5^-R'-['O@T70Z0@RX I-5K M<:7^8Q!$@2C1K<<#:76" S_@4B>:M:R!Y*.*CFJ]HT\1-Y6@_";6,B$HXDX% M8M7F*?!TT.EVW&9G:(\;51!;>[+;]MDOB><7S6RX6<19S)OQ&&CM# =NO]/A MF+0:=:*OI-4(>0BFF/RO;P]5E8P5D!?=3HKP(@%9;[] 1?K@8(O&LK9U/(L3 MJL5(JHD!]U2VO.)F F4C'L5Q@;@2"2Z!R1';Y@GSP;S.Y_/_'HLVLK\ M; /S.Z]A?@,YI2VV>VWP;%NO8G%G.^1+B-I%_;P!54/PG'O](=]'K^?VN_VO M@:FM8OJ+86IG,5W:.?5$;[6M&'3JA/0N*'D##FO$A8:T/@9SI3ZMD;0E*>S\ M(Z0PJY7"]LYD7UX*,[L4=CY'"K>!*7J=WBXR> -AV"SRUQ'&F^1P:^!Z74'B MK7;/[7K>OS=WF^C1M^@-A^YP:.?B6CF\"^P;3.9-G,T7HP@<*0=TY6-K&YES MTU4(18FS!% H50>=#MNH.60'+S[5^<4%5K)07T8C+B;MTO M;'$+E@(;:!D*#>-#M!$&N+&E.J,NJN3QWNA8JEIP&*CNS&5YE&)K#>$PS'*J M/YP%*_BK=@\BPJ^2T'4A?AG==TX YC_%0$R'WA$FRSIMMS]L%?]R?LX?_!BD M5^X81K:Z[!CI]03];!W=.@UCUC7[?AQ7PKRB7,,'Y:8>,6JDR4;K1/X;ZLI=337F?@2 MGJ[_%6O"7E0#Y22&E@D=2\#_U)H M]LM<3_3:T%?!6D*D"_.E-21]C-3+3D H-VP:G6>+Z!427[123C,.4D4EP52B M^R3 7H#DLF'E#W[,_$*#Z9A!?.IP+E;,I1P/J*)@<\B4J,#:5(*O"O64&)DW MV#^@ A52;V$J M3H#6;A M;2W>[!D-"NRC%:2+86GV%769I5JV39:<-6F2!++C"D_)J_*4]P ?*TG7%'\X M\FCD39!@<3>(JJ*83/L-O%$);&>$UI';Z;=^P=5C7 *K$8R&NQ=\70 M$[2',,6N" M'I-UNK1 M&O@2]2WT.V @#; 4^!WK#V'730:^=+&-#IAG7?!@.GP3^A"Y!XLO_84QTF^W M*8K1;M?C@YVP=G?@#@=MYO44-M0TIVR Y7[]+@/CL(HK0.3 <]N](0RJQ]7. M^_QL;-$2K=@"=Q(VV&IOP!88]ZS7JF(+^[IITD5K'%+JTL&E4!'K("]/_?4F M2931VHK@QF'A*),T$GWKC^R2RGF;I&*[2BH9?:@14_6YW2\GIG@%HKI!8#O- M3 1"@&;L!1E(T3(=V>:<+X(IP,7J=> 8V82G_+K,W'J>XA3USFG-.T66D)BT M_)9SQOJ#KML&QO3Z!O=UW(X'W#< 0NU7U_IJ.?DU@"G3/D+\5/9V4O->;]!R M/8!B%S?5Z;E-4!*P*UWJ-(&?A[T>&S:YU-$&O4&X?HVMRWQ)Q\#,5BJ2^8IV MSZ2'4X:6>*\)4[4MTAA%=;\+]�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end XML 57 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 58 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 60 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 156 180 1 true 59 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://iinx.biz/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - CONSOLIDATED BALANCE SHEETS (UNAUDITED) Sheet http://iinx.biz/role/ConsolidatedBalanceSheets CONSOLIDATED BALANCE SHEETS (UNAUDITED) Statements 2 false false R3.htm 00000003 - Statement - CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) Sheet http://iinx.biz/role/ConsolidatedBalanceSheetsParenthetical CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Sheet http://iinx.biz/role/ConsolidatedStatementsOfComprehensiveIncomeLoss CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Statements 4 false false R5.htm 00000005 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Sheet http://iinx.biz/role/ConsolidatedStatementsOfCashFlows CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Statements 5 false false R6.htm 00000006 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) Sheet http://iinx.biz/role/ConsolidatedStatementsOfCashFlowsParenthetical CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) Statements 6 false false R7.htm 00000007 - Disclosure - NATURE OF OPERATIONS Sheet http://iinx.biz/role/NatureOfOperations NATURE OF OPERATIONS Notes 7 false false R8.htm 00000008 - Disclosure - GOING CONCERN Sheet http://iinx.biz/role/GoingConcern GOING CONCERN Notes 8 false false R9.htm 00000009 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Sheet http://iinx.biz/role/BasisOfPresentationAndSummaryOfSignificantAccountingPolicies BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Notes 9 false false R10.htm 00000010 - Disclosure - ACQUISITION Sheet http://iinx.biz/role/Acquisition ACQUISITION Notes 10 false false R11.htm 00000011 - Disclosure - INVENTORIES Sheet http://iinx.biz/role/Inventories INVENTORIES Notes 11 false false R12.htm 00000012 - Disclosure - PROPERTY, PLANT AND EQUIPMENT Sheet http://iinx.biz/role/PropertyPlantAndEquipment PROPERTY, PLANT AND EQUIPMENT Notes 12 false false R13.htm 00000013 - Disclosure - INTANGIBLE ASSETS Sheet http://iinx.biz/role/IntangibleAssets INTANGIBLE ASSETS Notes 13 false false R14.htm 00000014 - Disclosure - SHORT-TERM BANK LOAN Sheet http://iinx.biz/role/Short-termBankLoan SHORT-TERM BANK LOAN Notes 14 false false R15.htm 00000015 - Disclosure - RELATED PARTY TRANSACTIONS AND BALANCES Sheet http://iinx.biz/role/RelatedPartyTransactionsAndBalances RELATED PARTY TRANSACTIONS AND BALANCES Notes 15 false false R16.htm 00000016 - Disclosure - CONCENTRATION Sheet http://iinx.biz/role/Concentration CONCENTRATION Notes 16 false false R17.htm 00000017 - Disclosure - INCOME TAXES Sheet http://iinx.biz/role/IncomeTaxes INCOME TAXES Notes 17 false false R18.htm 00000018 - Disclosure - SUBSEQUENT EVENTS Sheet http://iinx.biz/role/SubsequentEvents SUBSEQUENT EVENTS Notes 18 false false R19.htm 00000019 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Sheet http://iinx.biz/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesPolicies BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Policies 19 false false R20.htm 00000020 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Sheet http://iinx.biz/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTables BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Tables http://iinx.biz/role/BasisOfPresentationAndSummaryOfSignificantAccountingPolicies 20 false false R21.htm 00000021 - Disclosure - ACQUISITION (Tables) Sheet http://iinx.biz/role/AcquisitionTables ACQUISITION (Tables) Tables http://iinx.biz/role/Acquisition 21 false false R22.htm 00000022 - Disclosure - INVENTORIES (Tables) Sheet http://iinx.biz/role/InventoriesTables INVENTORIES (Tables) Tables http://iinx.biz/role/Inventories 22 false false R23.htm 00000023 - Disclosure - PROPERTY, PLANT AND EQUIPMENT (Tables) Sheet http://iinx.biz/role/PropertyPlantAndEquipmentTables PROPERTY, PLANT AND EQUIPMENT (Tables) Tables http://iinx.biz/role/PropertyPlantAndEquipment 23 false false R24.htm 00000024 - Disclosure - INTANGIBLE ASSETS (Tables) Sheet http://iinx.biz/role/IntangibleAssetsTables INTANGIBLE ASSETS (Tables) Tables http://iinx.biz/role/IntangibleAssets 24 false false R25.htm 00000025 - Disclosure - RELATED PARTY TRANSACTIONS AND BALANCES (Tables) Sheet http://iinx.biz/role/RelatedPartyTransactionsAndBalancesTables RELATED PARTY TRANSACTIONS AND BALANCES (Tables) Tables http://iinx.biz/role/RelatedPartyTransactionsAndBalances 25 false false R26.htm 00000026 - Disclosure - CONCENTRATION (Tables) Sheet http://iinx.biz/role/ConcentrationTables CONCENTRATION (Tables) Tables http://iinx.biz/role/Concentration 26 false false R27.htm 00000027 - Disclosure - INCOME TAXES (Tables) Sheet http://iinx.biz/role/IncomeTaxesTables INCOME TAXES (Tables) Tables http://iinx.biz/role/IncomeTaxes 27 false false R28.htm 00000028 - Disclosure - NATURE OF OPERATIONS (Details Narrative) Sheet http://iinx.biz/role/NatureOfOperationsDetailsNarrative NATURE OF OPERATIONS (Details Narrative) Details http://iinx.biz/role/NatureOfOperations 28 false false R29.htm 00000029 - Disclosure - GOING CONCERN (Details) Sheet http://iinx.biz/role/GoingConcernDetails GOING CONCERN (Details) Details http://iinx.biz/role/GoingConcern 29 false false R30.htm 00000030 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) Sheet http://iinx.biz/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesDetails BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) Details http://iinx.biz/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTables 30 false false R31.htm 00000031 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) Sheet http://iinx.biz/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesDetails1 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) Details http://iinx.biz/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTables 31 false false R32.htm 00000032 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) Sheet http://iinx.biz/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesDetailsNarrative BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) Details http://iinx.biz/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTables 32 false false R33.htm 00000033 - Disclosure - ACQUISITION (Details) Sheet http://iinx.biz/role/AcquisitionDetails ACQUISITION (Details) Details http://iinx.biz/role/AcquisitionTables 33 false false R34.htm 00000034 - Disclosure - ACQUISITION (Details Narrative) Sheet http://iinx.biz/role/AcquisitionDetailsNarrative ACQUISITION (Details Narrative) Details http://iinx.biz/role/AcquisitionTables 34 false false R35.htm 00000035 - Disclosure - INVENTORIES (Details) Sheet http://iinx.biz/role/InventoriesDetails INVENTORIES (Details) Details http://iinx.biz/role/InventoriesTables 35 false false R36.htm 00000036 - Disclosure - PROPERTY, PLANT AND EQUIPMENT (Details) Sheet http://iinx.biz/role/PropertyPlantAndEquipmentDetails PROPERTY, PLANT AND EQUIPMENT (Details) Details http://iinx.biz/role/PropertyPlantAndEquipmentTables 36 false false R37.htm 00000037 - Disclosure - INTANGIBLE ASSETS (Details) Sheet http://iinx.biz/role/IntangibleAssetsDetails INTANGIBLE ASSETS (Details) Details http://iinx.biz/role/IntangibleAssetsTables 37 false false R38.htm 00000038 - Disclosure - SHORT-TERM BANK LOAN (Details) Sheet http://iinx.biz/role/Short-termBankLoanDetails SHORT-TERM BANK LOAN (Details) Details http://iinx.biz/role/Short-termBankLoan 38 false false R39.htm 00000039 - Disclosure - RELATED PARTY TRANSACTIONS AND BALANCES (Details) Sheet http://iinx.biz/role/RelatedPartyTransactionsAndBalancesDetails RELATED PARTY TRANSACTIONS AND BALANCES (Details) Details http://iinx.biz/role/RelatedPartyTransactionsAndBalancesTables 39 false false R40.htm 00000040 - Disclosure - RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) Sheet http://iinx.biz/role/RelatedPartyTransactionsAndBalancesDetailsNarrative RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) Details http://iinx.biz/role/RelatedPartyTransactionsAndBalancesTables 40 false false R41.htm 00000041 - Disclosure - CONCENTRATION (Details) Sheet http://iinx.biz/role/ConcentrationDetails CONCENTRATION (Details) Details http://iinx.biz/role/ConcentrationTables 41 false false R42.htm 00000042 - Disclosure - INCOME TAXES (Details) Sheet http://iinx.biz/role/IncomeTaxesDetails INCOME TAXES (Details) Details http://iinx.biz/role/IncomeTaxesTables 42 false false R43.htm 00000043 - Disclosure - INCOME TAXES (Details 1) Sheet http://iinx.biz/role/IncomeTaxesDetails1 INCOME TAXES (Details 1) Details http://iinx.biz/role/IncomeTaxesTables 43 false false R44.htm 00000044 - Disclosure - INCOME TAXES (Details Narrative) Sheet http://iinx.biz/role/IncomeTaxesDetailsNarrative INCOME TAXES (Details Narrative) Details http://iinx.biz/role/IncomeTaxesTables 44 false false All Reports Book All Reports iinx-20181231.xml iinx-20181231.xsd iinx-20181231_cal.xml iinx-20181231_def.xml iinx-20181231_lab.xml iinx-20181231_pre.xml http://xbrl.sec.gov/currency/2017-01-31 http://xbrl.sec.gov/country/2017-01-31 http://fasb.org/us-gaap/2018-01-31 http://xbrl.sec.gov/dei/2018-01-31 http://fasb.org/srt/2018-01-31 true true ZIP 62 0001214659-19-000963-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001214659-19-000963-xbrl.zip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end